Tots Toys Inc. manufactures a wooden model wagon. The departments are cutting, assembly and painting. Following is the information for the assembly department for the month of September 2013.Costs: Beginning WIP: Transferred In $1,000 Direct materials 2,000 Conversion costs 6,000 Total $9,000 Added during the Month: Transferred In 10,000 Direct materials 15,000 Conversion costs 25,000 Total $50,000 Total Costs Incurred $59,000Units: Beginning WIP 200 units Started 1000 units Completed 950 Units Ending WIP ? units Ending WIP was 50% complete for direct materials and 40% for conversion cost.Required:Calculate the equivalent units.Compute the cost per unit.Price the inventories (Reconciliation)In what industries might one find process costing being used?Define an equivalent unit.
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