3-54. Canton Electronic Manufacturing Company makes low-cost calculators. All direct Determine the Cost of Products Using Process Costing With Beginning Inventory material is added at the very beginning of the production process. The following information is available for January 2008: Conversion Cost Percent Complete Units Total Cost Beginning work-in-process Ending work-in-process Units completed 7,000 9,000 120,000 calculators 45% 6096 $977.50 ? The beginning inventory cost included $718.00 for direct material, $155.70 for direct labor, and $103.80 for manufacturing overhead. Manufacturing cost for January 2008 is $14,762.00 for direct material, $11,882.70 for direct labor and $7,921.80 for manufacturing overhead. Required: a. What is the number of equivalent units of production for January 2008? b. What is the cost per equivalent unit? Chapter Three: Determinin c. What is the cost of the 9,000 calculators in the ending work-in-process? d. What is the cost of the calculators that were completed during January? e. If 110,000 of the completed calculators were sold for $112 each, what is the gross profit for the Canton Electronic Manufacturing Company? f. 1. Do you think there is a benefit for Canton's managers to know the cost of the cal- culators that are in ending work-in-process inventory? Explain. 2. Where would the cost of the ending inventory appear on the financial statements? 3. Do you think there is a benefit for Canton's managers to know the cost of the cal- culators completed during January? Explain. 4. Where would the cost of the 110,000 sold calculators be found on the financial state- ments? 5. Where would the cost of the calculators that were completed, but not yet sold be found on the financial statements