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(TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:

work in process, Jan 1(80% complet units materials converstion

with respest to conversion cost ………….100,00 $100,000 157,500

units started into production……………. 5000,000

cost added during the year

materials….. $650,000

conversion…… $ 997,500

units completed during the yesr 450,000

The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

ii. Determine the cost transferred to finished goods.

iii. Determine the amount of cost that should be assigned to the ending work in process inventory.