Required information [The following information applies to the questions displayed below.] Timing Technology, Inc., manufactures timing devices. During 20x1, 2,700,000 units were completed and transferred to finished-goods inventory. On December 31, 20x1, there were 440,000 units in work in process. These units were 45 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 1,134,000 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 finished-goods inventory on January 1, 20x1. A review of the inventory cost records disclosed the following information: Work in process, January 1, 20x1 (82% complete as to conversion) Units started in production Direct-material costs Direct-labor costs Costs Units Direct Material Direct Labor 430,000 $ 334,000 $ 327,400 2,710,000 $9,086,000 $7,207,400 2. Complete the following schedule as of December 31, 20x1, to compute the equivalent units of production using the weighted- average method. Answer is not complete. Units completed and transferred out during 20x1 Direct-material costs Total units accounted for Total equivalent units Physical Units Equivalent Units Materials Conversion 2,700,000 2,700,000 2,700,000 440,000 440,000 3,140,000 3,140,000 2,700,000