Albany Company accumulates costs for its product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.

Required: Use weighted-average process costing in completing the following requirements.
1. Prepare a schedule of equivalent units.
2. Compute (lie costs per equivalent unit.
3. Compute the cost of goods completed and transferred out during August.
4. Compute the cost remaining in the work-in-process inventory on August 31.
5, Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during August.

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Production Report For August 20x1 Percentage of Completion Physical with Respect Direct Equivalent Units Units to Conversion Material Conversion Work in process,August 1 Units started during August Total units to account for Units completed and transferred out during Augt Work in process, August 31. Total units accounted for 40,000 80000 120,000 00,000 20,000 80% 100,000 100,000 30% 20,000 6,000 s120,000 Direct Material Conversion Total Work in process, August 1.. Costs incurred during August. Total costs to account for . $42,000 305,280 347.280 96,000 784,400 880,400 $138,000 $1.089,680 $1,227,680