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Nonuniform Inputs, Weighted Average Ming Inc. had the following production and cost information for its...

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Accounting

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Nonuniform Inputs, Weighted Average Ming Inc. had the following production and cost information for its blending department during February (with materials added at the beginning of the process): Production: Units in process, February 1, 50% complete with respect to conversion 2,000 Units completed 13,040 Units in process, February 28, 60% complete 2,400 Costs: Work in process, February1: Materials $16,000 Conversion costs 12,000 Total $28,000 Current costs: Materials $50,000 Conversion costs 84,000 Total $134,000 Ming uses the weighted average method. Required: 1. Prepare an equivalent units schedule. Ming Inc. Schedule of Equivalent Units (Weighted Average Method) Materials Units completed Add: Units in ending WIP X Percent complete Conversion % ht % Equivalent units of output 1 2. Calculate the unit cost. Round final answer to the nearest cent. per unit 3. Calculate the cost of units transferred out and the cost of EWIP. Using your rounded answer from #2, round your final answers to the nearest dollar. Cost transferred out Cost of ending work in process

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