Upe. Hml?_con-condexternal browser=0&launchUrl=http%253A27 all 2020 Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to mileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the inventory incorrect Units Costs Work in process, December 31 (materials 100% complete; conversion 6ex complete) Finished goods, December 31 38,000 43,880 $ 73,000 $126,500 There were no finished goods inventories at the beginning of the year. The company uses the weighted average method of process costing. There is only one processing department A review of the company's inventory and cost records shows the following Costs Units Materials Conversion Work in process, beginning of year (materials 100% complete; conversion sex complete) Started into production Costs added during the year Units completed during the year 20,000 698,000 $ 35,000 $ 61,080 $763,880 $2,130,000 693,000 Required: 1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Cost per equivalent unit" answers to 2 decimal places.) Materials Conversion Equivalent units of production Cost per event 2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventiones Materials Conversion Total Cost of ending work in process inventory Cost of finished goods inventory 0 $ $ 0 3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correct balances as of December 31. (Round intermediate calculations to 2 decimal places.) View transactions Journal entry worksheet