Required information Problem 4-25 Step-by-Step Weighted-Average Process Costing (LO 4-3, 4-4, 4-5) {The folio wing information applies to the questions displayed below} Timing Technology. Inc.. manufactures timing devices. During 20x1. 1300,0013 units were completed and transferred to nished-goods inventory. On December 31, 20x1. there were 340,000 units in work in process. These units were 51 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 544,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor costs. There was no nished-goods inventory on January 1, 20x1. A review of the inventory cost records disclosed the following information: Costs Direct Direct Units Material Labor Work in process, January 1, 29x1 (839% complete as to conversion] 336,l 5 314.00% $ 31?,488 Units started in production 1.?1o,oao Direct-material. costs $3,?E6, Direct-labor costs $3,616,?4a Problem 4-25 Part 3 3. Complete the following schedule as of December 31, 20x1, to compute the costs per equivalent unit for material and conversion. {Round "Cost per Equivalent Unit" to 2 decimal places} ork in process, mm s 314.000 $ 314.000 Costs incurred during 20x1 3.705.000 _ 3,765,000 s Woo $ mama Equivalent units Costs per equivalent unit Problem 4-25 Part 4 4-a. Complete the following schedule as of December 31, 20x1, to compute the cost of work-in-process inventory. 4-b. Complete the following schedule as of December 31, 20x1, to compute the cost of finished-goods inventory. Complete this question by entering your answers in the tabs below. Req 4A Req 4B Complete the following schedule as of December 31, 20x1, to compute the cost of work-in-process inventory. (Round "Cost per equivalent unit" to 2 decimal places.) Number of Cost per Equivalent Equivalent Total Cost Units Unit Materials Conversion Total cost of 12/31/x1 work in process $ 0 Reg 4A Req 4B Complete the following schedule as of December 31, 20x1, to compute the cost of finished-goods inventory. (Round "Cost per equivalent unit" to 2 decimal places.) Number of units completed Cost per equivalent unit Cost of goods completed and transferred out Finished goods inventory (units) Cost of finished goods inventory