Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 10%. 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 100% complete; conversion 50% complete) Finished goods, December 31 43,000 48,000 $ 78,000 $131,500 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 Materials Conversion Units $ 40,000 $ 66,000 Work in process, beginning of year (materials 100% complete; conversion 80% complete) Started into production Costs added during the year Units completed during the year 38,000 618,000 $768,000 $2,180,000 860,000 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.) Materials Conversion Equivalent units of production Cost per equivalent unit 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.) Materials Conversion Equivalent units of production Cost per equivalent unit 12 2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories, Materials Conversion Total Cost of ending work in process inventory 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.) View transaction list 2 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 2:05:56