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. Units Costs work in process, December 31 (materials 108% complete; conversion 68% complete) 44,669 $ 79, 696 Finished goods, December 31 49,669 35132, 599 There were no nished goods inventories at the beginning of the year. The company uses the weightedaverage method of process costing. There Is only one processing department. A review of the company's Inventory and cost records shows the following: Costs Units Materials Conversion Hork in process, beginning of year (materials 168% complete; conversion 58% complete) Started into production Costs added during the year Units completed during the year 36,966 $ 41,996 $ 57,669 3?5,886 $766,966 $2,196,669 3?8,886 Require d: 1. Determine the equivalent units and the costs per equivalent unit for materials and conversion forthe year. [Round your "Cost per equivalent unit" answers to 2 decimal places.) Equivalent unils of production Cost per equivalent unit 2. Determine the amount of cost that should be assigned to the ending work In process and nished goods inventories. Cost of ending work in process inventory Cost of nished 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.) View transaction list Journal entry worksheet A Record the entry to adjust the work in process and finished goods inventories Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal