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:

UnitsCostsBeginning work in process (22% complete)61,900Direct materials$100,000Conversion cost165,000Total cost of beginning work in process$265,000Number of units started122,500Number of units completed and transferred to finished goods167,400Ending work in process (69% complete)?Current period costsDirect materials$251,700Conversion cost332,000Total current period costs$583,700

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 cost per Equivalent Unit 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.)