Sheridan's is a high-end skincare line that has been created by dermatologists for people who have very dry skin. Sheridan's is very selective about who carries the company's line and therefore is considered a boutique label. Its best-selling product is a lightweight moisturizer that also contains a high level of SPF that customers have come to appreciate. Sheridan's produces the products in limited quantities to best ensure that each container receives the time and attention that it deserves to ensure high quality. As of December 31 of last year, a batch in process contained 270 units that were 70% complete for Conversion Costs (CC) and 100% complete for direct materials (DM) because all DM is added at the front-end of processing. During the current year, Sheridan's started 17,510 units and completed 16,930 units by the close of the year. Units remaining in ending inventory are 80% complete for CC and 100% complete for DM in the current year. Sheridan's had the following costs for the year that are associated with all of the units described above: Total Costs DM CC Costs in beginning Work-in-Progress (WIP) Inventory $1,400 $500 $900 Costs added to WIP Inventory this period $66,267 $29,767 $36,500 Currently, each unit is in a small, recyclable plastic container. Sheridan's uses the First-In, First-Out (FIFO) method of Process Costing. Using the information above, please answer the following questions. (a) Your answer is correct. What is the equivalent cost per unit for Direct Materials? What is the equivalent cost per unit for Conversion Costs? (Round final answers to 2 decimal places, e.g. 5.75.) Direct Materials Equivalent cost per unit $ Conversion Costs 1.70 per unit $ 2.10 per unit Using the Process Costing steps, assign Direct Materials and Conversion Costs to the physical units for the year. (Round final answers to 2 decimal places, e.g. 125.75.) Direct Materials Total cost $ Conversion Costs 30,267.00 $ 37,484.10 Your answer is incorrect. What is the total amount of cost transferred out of the production process? (Round final answer to 2 decimal places, e.g. 125.75.) Total cost $ What would the journal entry look like? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Enter debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit W Accounts Payable m Accounts Receivable Cash Finished Good (FG) Inventory A No Entry WIP Inventory like? (Credit account titles are automatically indented when the a edit entry. If no entry is required, select "No Entry" for the account Debit Credit