PA3-1 Preparing a Process Costing Production Report (Weighted-Average Method) [LO 3-2, 3-3, 3-4]

Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:

	Units	Costs
Beginning work in process (27% complete)	36,000
Direct materials		$	48,000
Conversion cost			105,000
Total cost of beginning work in process		$	153,000
Number of units started	74,000
Number of units completed and transferred to finished goods	?
Ending work in process (52% complete)	89,000
Current period costs
Direct materials		$	91,000
Conversion cost			161,000
Total current period costs		$	252,000

Required:
1 & 2.	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. (Round your answers to 5 decimal places.)

d.	Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount.)