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QUESTION ONE: Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method Grand River Company produces a...

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QUESTION ONE: Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Completion with Respect Completion with Respect to Conversion Units to materials Work in process inventory, November 1.... Work in process inventory, November 30 80,000 60,000 50% 45% 25% 20% Materials cost in work in process Inventory, November1 Conversion cost in work in process Inventory, November 1 Units started into production Units transferred to the next process Materials cost added during November Conversion cost added during November $76,600 $34,900 300,000 320,000 $410,000 $234,500 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process. 2. Compute the costs per equivalent unit for November for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in November. + 10

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