You are employed by Spirit Company, a manufacturer of digital watches. The company's chief financial officer is trying to verify the accuracy of the ending work-in-process and finished goods inventories prior to closing the books for the year. You have been asked to assist in this verification. The year-end balances shown on Spirit Company's books are as follows:

Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 60% of direct labour cost. There was no finished goods inventory at the beginning of the year. A review of Spirit Company's inventory and cost records has disclosed the following data, all of which are accurate:

The company uses the weighted-average cost method. Required:

Determine the equivalent units and costs per equivalent unit for materials, labour, and overhead for the year.

Determine the amount of cost that should be assigned to the ending work-in-process and finished goods inventories.

Prepare the necessary correcting journal entry to adjust the work-in-process and finished goods inventories to the correct balances as of December 31.

Determine the cost of goods sold for the year assuming there is no under- or over-applied overhead.