Problem:
The Painting Department of the Garner Manufacturing Company has the following production and manufacturing cost data for September.
Production: Beginning inventory 4,000 units; units started into production 16,000; ending inventory of 5,000 units 20% complete as to conversion costs.
Manufacturing Costs: Beginning work in process inventory of $80,000, comprised of $49,000 of materials and $31,000 of conversion costs. Materials added during the month, $231,000; labor and overhead applied during the month, $94,400 and $50,600, respectively.
Required:
Question 1: Compute the equivalent units of production for materials and conversion costs for the month of September.
Question 2: Compute the unit costs for materials and conversion costs.
Question 3: Determine the costs to be assigned to the units transferred out and ending work in process.
Note: Please describe comprehensively and provide step by step solution.