Refer to the information in PB3-5 for Ivy Glen Inc.

Required:
Complete all requirements for PB3-5 using the FIFO method.

Requirements PB3-5
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 September production report for Ivy Glen Inc.

Transcribed Image Text:

Units Costs Beginning work in process (20% complete) Direct materials Conversion cost $151,000 152,208 $303,208 Total cost of beginning work in process Number of units started Ending work in process (85% complete) Current period costs 257,400 294,800 83,400 Number of units completed and transferred to finished goods Direct materials Conversion cost Total current period costs $321,750 482,052 $803,802