Tots Toys Inc. manufactures a wooden model wagon. The departments are cutting, assembly and painting. Following is the information for the assembly department for the month of September 2013. Costs: Beginning WIP: Transferred In $1,000 Direct materials 2,000 Conversion costs 6,000 Total $9,000 Added during the Month: Transferred In 10,000 Direct materials 15,000 Conversion costs 25,000 Total $50,000 Total Costs Incurred $59,000 Units: Beginning WIP 200 units Started 1000 units Completed 950 Units Ending WIP ? units Ending WIP was 50% complete for direct materials and 40% for conversion cost. Required: 1. Calculate the equivalent units. 2. Compute the cost per unit. 3. Price the inventories (Reconciliation) 4. In what industries might one find process costing being used? 5. Define an equivalent unit.