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3. Why is it necessary to compute equivalent units of production when a process cost system is used? 4. At the end of the month 2200 units of product are in process. The department manager estimates that 90% of material costs and 60% of overhead and labor costs have been added. What are the equivalent units of production for materials? For labor? For overhead? 5. What two cost figures make up the total costs accounted for in the cost of production report. 6. What is the journal entry to record the transfer of costs from one department to another (from the Fabrication Department to the Assembly Department for instance? 7. What is the journal entry to record the cost of goods completed for the month (for example if $200,000 worth of inventory was completed in the month of May 2020