Required information The following information applies to the questions displayed below] eather Company manufactures high -quality leather goods. The company's profits have declined during the past Laredo L nin e months. In an attempt to isolate the causes of poor profit performance, management is investigating the anufacturing operations of each of its products. nuous process in the Dallas ompany's main products is leather belts. The belts are produced in a single, conti ocess, leather strips are sewn, punched, and dyed. The belts then enter a final finishing stage to Plant. During the pr nclude the process. Labor and overhead are applied continuously during the manufacturing process. All materials leather strips, and buckles are introduced at the beginning of the process. The firm uses the weighted-average method to calculate its unit costs. es The leather belts produced at the Dallas Plant are sold wholesale for $9.50 each. Management wants to compare the current manufacturing costs per unit with the market prices for leather belts. Top management has asked the Dallas plant controller to submit data on the cost of manufacturing the leather used to determine whether modifications in the production process should be initiated or whether an increase in the selling price of the belts is justified. The cost per belt used for planning and control is $5.20. The work-in-process inventory consisted of 400 partially completed units on October 1. The belts were 25 percent complete as to conversion. The costs included in the inventory on October 1 were as follows: Leather strips $ 910 Buckles 270 Conversion 290 costs 1,470 Total Leather strips $ Buckles Conversion 916e 270 290 costs Total $ 1,470 During October 7700 leather strips were placed into production. A total of 7300 leather beits were completed The work in-process inventory on October 31 consisted of 1,000 belts, which were 50 percent complete as to conversion The costs charged to production during October were as follows Leather strips $19,9e0 Buckles 4,840 Conversion 20,230 costs Total $ 44,976e Required: in order to provide cost data regarding the manufacture of leather belts in the Dallas Plant to the top Company, compute the following amounts for the month of October management of Laredo Leather 1. The equivalent units for material and conversion 2. The cost per equv cost per equivalent unit of material and conversion 3. The assignment of production costs to the October 31 work-in-process inventory and to goods transfen 4. The weighted-average unit cost of leather beits completed and transferred to finished goods Required In order to provide cost data regarding the manufacture of leather belts in the Dallas Plant to the top management of Laredo Leather Company, compute the following amounts for the month of October 1. The equivalent units for material and conversion. 2. The cost per equivalent unit of material and conversion. 3. The assignment of production costs to the October 31 work-in-process inventory and to goods transferred out 4. The weighted-average unit cost of leather belts completed and transferred to finished goods. Required 1 Required 2 Required 3 Required 4 es The equivalent units for material and conversion Equivalent Units Physical Units Direct MaterialConver Total units to accounted for Total equivalent units Required 2 >