Timing Technology, Inc., manufactures timing devices. During 20x1, 900,000 units were completed and transferred to finished-goods inventory. On December 31, 20x1, there were 300,000 units in work in process. These units were 50 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 200,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 60 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 Direct Labor Units $ 200,000 $ 315,000 Work in process, January 1, 20x1 (80% complete as to conversion) Units started in production Direct-material costs Direct-labor costs 200,000 1,000,000 $1,300,000 $1,995,000 4-a. Complete the following schedule as of December 31, 20x1, to compute the cost of work-in-process inventory. 4-b. Complete the following schedule as of December 31, 20x1, to compute the cost of finished-goods inventory. Complete this question by entering your answers in the tabs below. Req 4A Req 4B Complete the following schedule as of December 31, 20x1, to compute the cost of work-in-process inventory. (Round "Cost per equivalent unit" to 2 decimal places.) Cost per Number of Equivalent Units Equivalent Unit Total Cost Materials Conversion Total cost of 12/31/x1 work in process $ 0 Complete this question by entering your answers in the tabs below. Req 4A Req 4B Req 4A Comp. following schedule as of December 31, 20x1, to compute the cost of finished-goods inventory. (Round "Cost per equivalent unit" to 2 decimal places.) Number of units completed Cost per equivalent unit Cost of goods completed and transferred out Finished goods inventory (units) Cost of finished goods inventory Req 4A Req 4B