Show all supporting computations! 1. Chase Inc. uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost $6,000 $9.900 Percent Complete 50% Materials costs........ .. Conversion costs.............. 30% A total of 9,200 units were started and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs.................. Conversion costs................ $113,900 S322,500 The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs. Required (7 Points): Using the weighted average method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs, and the total product cost per equivalent unit. c. Determine the cost of units transferred out of the department during the month. d. Determine the cost of ending work in process inventory in the department MANAGERIAL ACCOUNTI SPRING 2020 SEMESTER CALE MONDAY & WEDNESDAY 12:00 pm JANUARY MONDAY WEEK duction.iw.olovi 2. Gibson Corporation uses process costing. A number of transactions that occurred in September are listed below. Required (3 Points): Prepare journal entries for each of these transactions. (1) Raw materials that cost $50,872 are withdrawn from the storcroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $42.962 are incurred, but not yet paid in the Mixing Department. (3) Manufacturing overhead of $59.741 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a cost of $128,992 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a cost of $117,717 finish processing in the Drving Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a cost of $108,915 are sold on account for $149,750