Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to incr

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Tambin Inc. produces a gasoline additive that, when added to the
gas tank of the average automobile, is designed to increase gas
mileage by 15%. The company’s controller suspects that the year-end
dollar balances shown below in the inventory accounts may be
incorrect.
There were no finished goods inventories 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:
Required:
1. Determine the equivalent units and the
costs per equivalent unit for materials and conversion for the
year. (Round your "Cost per equivalent unit" answers
to 2 decimal places.)
2. Determine the amount of cost that
should be assigned to the ending work in process and finished goods
inventories.
3. Prepare the necessary correcting
journal entry to adjust the work in process and finished goods
inventories to the correct balances as of December
31. (Round intermediate calculations to 2 decimal
places.)
Record the entry to adjust the work in process and finished
goods inventories