Required: 1. Determine the equivalent units and costs per equivalent unit for materials, labour, and overhead for the year. 2. Determine the amount of cost that should be assigned to the ending work-in- process and finished goods inventories. 3. Prepare the necessary correcting journal entry to adjust the work-in-process and finished goods inventories to the correct balances as of December 31. 4. Determine the cost of goods sold for the year assuming there is no under-or overapplied overhead. Cost added during the year: Materials 1,300,000 cost Labour 1,985 cost 750,000 Units completed during the year The company uses the weighted average cost method. Earth Company is a manufacturer of circuit boards. The company's chief financial officer is trying to verify the accuracy of the ending work-in-process and finished goods inventories prior to closing the books for the year. You have been asked to assist in this verification. The year-end balances shown on Earth Company's books are as follows: Units Costs 250,000 $ 700,000 Work in process, December 31 (50% complete as to labour and overhead) 150,000 1,000,000 Finished goods, December 31 Materials are added to production at th. beginning of the manufacturing process, and overhead is applied to each product at the rate of 70% of direct labour cost. There was no finished goods inventory at the beginning of the year. A review of Earth Company's inventory and cost records has disclosed the following data, all of which are accurate: Costs Units Materials Labd Work in 100,000 $ 200,000 $ 315 process, January 1 (80% complete as to labour and overhead) Units started 900,000 into production Required: 1. Determine the equivalent units and costs per equivalent unit for materials, labour, and overhead for the year. 2. Determine the amount of cost that should be assigned to the ending work-in- process and finished goods inventories. 3. Prepare the necessary correcting journal entry to adjust the work-in-process and finished goods inventories to the correct balances as of December 31. 4. Determine the cost of goods sold for the year assuming there is no under-or overapplied overhead. Cost added during the year: Materials 1,300,000 cost Labour 1,985 cost 750,000 Units completed during the year The company uses the weighted average cost method. Earth Company is a manufacturer of circuit boards. The company's chief financial officer is trying to verify the accuracy of the ending work-in-process and finished goods inventories prior to closing the books for the year. You have been asked to assist in this verification. The year-end balances shown on Earth Company's books are as follows: Units Costs 250,000 $ 700,000 Work in process, December 31 (50% complete as to labour and overhead) 150,000 1,000,000 Finished goods, December 31 Materials are added to production at th. beginning of the manufacturing process, and overhead is applied to each product at the rate of 70% of direct labour cost. There was no finished goods inventory at the beginning of the year. A review of Earth Company's inventory and cost records has disclosed the following data, all of which are accurate: Costs Units Materials Labd Work in 100,000 $ 200,000 $ 315 process, January 1 (80% complete as to labour and overhead) Units started 900,000 into production