Overland Company is considering replacing a machine that is presently used in the production of its product. The following data are available: 
-The total relevant costs to consider if the old machine is kept are
Definitions:
Work In Process Inventory
Work in process inventory includes items that are in the production process but not yet completed or ready for sale.
Transferred Out
In manufacturing and accounting, refers to goods or materials that have been moved from one process or department to another in the production process.
Weighted-Average Method
A cost-flow assumption used in inventory valuation and costing, calculating the cost of goods sold and ending inventory based on a weighted average of costs.
Equivalent Unit
A concept used in process costing that represents the amount of work done on incomplete units, expressed in terms of fully completed units.
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