Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be incorrect. Work in process, December 31 (materials 100% complete; conversion 60% complete) Finished goods, December 31 Units Costs 38,000 $ 73,000 43,000 $ 126,500 There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Costs Work in process, beginning of year (materials 100% complete; conversion 50% complete) Units Materials Conversion 33,000 $ 35,000 $ 61,000 Started into production 613,000 Costs added during the year $ 763,000 $ 2,130,000 Units completed during the year 810,000 Required: 1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Cost per equivalent unit" answers to 2 decimal places.) Equivalent units of production Materials Conversion Cost per equivalent unit 2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories Materials Conversion Totals S Cost of ending work in process inventroy Cost of finished goods inventory 3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correct balances as of December 31. (Round intermediate calculations to 2 decimal places.) 4. Journal Entry Record the entry to adjust the work in process and finished goods inventories