Neco 2025 Financial Accounting Question 26

During the year, a manufacturing company uses the weighted‑average method for process costing. Opening work‑in‑process (WIP) consists of \(2,000\) units that are 40\% complete for materials and 30\% complete for conversion, with costs of N200,000 for materials and N150,000 for conversion. During the period, \(8,000\) additional units are started. Materials are added at the beginning of the process at a cost of N720,000. Conversion costs incurred during the period amount to N960,000. At the end of the period, ending WIP is \(1,500\) units, 70\% complete for materials and 50\% for conversion. Compute \(i\) the cost per equivalent unit for materials and for conversion, and \(ii\) the total cost assigned to units completed and transferred out.