3. (12 points) Anchor Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process.... 5,000 I Costs in the beginning inventory: Materials cost. $281,250 $50,000 Conversion cost.... *********** 130,000 Units started into production during the month............... Units completed and transferred out. 110,000 Costs added to production during the month: Materials cost....... $500,000 Conversion cost..... $400,000 Work in process, ending: Units in process...... 25,000 60% % of completion with respect to materials. % of completion with respect to conversion. 40% Required: Prepare a process costing departmental production report (calculation of equivalent units, cost per equivalent unit, and cost reconciliation) for the department using the weighted-average method. Round the cost per unit to the nearest cent.