Timing Technology, Inc., manufactures timing devices. During 20x1, 1,800,000 units were completed and transferred to finished-goods inventory. On December 31, 20x1, there were 350,000 units in work in process. These units were 52 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 594,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor costs. There was no finished- goods inventory on January 1, 20x1. A review of the inventory cost records disclosed the following information: Costs Direct Material Units Direct Labor 340,000 1,810,000 $ 316,000 Work in process, January 1, 20x1 (80% complete as to conversion) Units started in production Direct-material costs Direct-Labor costs $ 318,400 $4,199,000 $3,942,900 Materials Conversion Total $ 316,000 CA $ 316,000 Work in process, 1/1/x1 Units started during 20x1 0 0 $ 316,000 $ 0 $ 316,000 Total costs to account for Equivalent units Costs per equivalent unit $ 0.00 Complete the following schedule as of December 31, 20x1, to compute the cost of work-i equivalent unit" to 2 decimal places.) Total Cost Number of Equivalent Units 350,000 182,000 Cost per Equivalent Unit $ 2.10 2.15 Materials Conversion Total cost of 12/31/x1 work in process $ 735,000 391,300 $ 1,126,300 Number of units completed Cost per equivalent unit Cost of goods completed and transferred out Finished goods inventory (units) Cost of finished goods inventory 594,000