Refer to the information about Mallory Inc. in PB3-1.

Required:
Complete all requirements for PB3-1 using the FIFO method.

Requirements from PB3-1
1. Using the weighted-average method of process costing, complete each of the following steps:
a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
c. Calculate the cost per equivalent unit rounded to five decimal places.
d. Reconcile the total cost of work in process.
2. Summarize the preceding steps in a production report for MalloryInc.

Transcribed Image Text:

Units Costs Beginning work in process (30% complete) 40,000 Direct materials Conversion cost $ 20,000 92,000 $112,000 Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (70% complete) Current period costs 104,000 46,000 Direct materials Conversion cost $ 62,000 164,000 $226,000 Total current period costs