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

Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows:

Units

Costs

Beginning work in process (30% complete)

117,800

Direct materials

$

192,000

Conversion cost

344,000

Total cost of beginning work in process

$

536,000

Number of units started

243,000

Number of units completed and transferred to finished goods

334,800

Ending work in process (65% complete)

?

Current period costs

Direct materials

$

507,400

Conversion cost

648,000

Total current period costs

$

1,155,400

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 your final answers to the nearest dollar amount.)