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Tambin Inc. produces a gasoline additive that, when added to the gas tank of the...

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Accounting

Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to Increase gas
mileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the Inventory accounts may be
Incorrect.
There were no finlshed goods inventorles 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:
Requlred:
Determine the equlvalent units and the costs per equlvalent unit for materlals and conversion for the year. (Round your "Cost per
equlvalent unlt" answers to 2 decimal places.)
Determine the amount of cost that should be assigned to the ending work in process and finished goods Inventorles.
Prepare the necessary correcting Journal entry to adjust the work In process and finished goods Inventorles to the correct balances
as of December 31.(Round Intermedlate calculatlons to 2 decimal places.)
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