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Problem 6-14 Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 10%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be incorrect. Work in process, December 31 (materials 60,000 100% complete; conversion 50% complete) $ Finished goods, December 31 $113,500 There were no nished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Units Materials Conversion Work in process, beginning of year (materials 100% complete; conversion 80% 20,000 $22,000 $48,000 complete) Started into production 600,000 Costs added during the year $750,000 $2,000,000 Units completed during the year 680,000 Muired: 1. Determine the equivalent units and costs per equivalent unit for materials and conversion for the year. 2. Determine the amount of cost that should be assigned to the ending work in process and nished goods inventories. 3. Prepare the necessary correcting journal entry to adjust the work in process and nished goods inventories to the correct balances as of December 31. Please complete this question using the textbox below. Ensure that your answer is clearly labelled for requirements 1, 2 and 3