NONUNIFORM INPUTS, WEIGHTED AVERAGE Jackson Inc. had the following production and cost information for its fabrication department during the month of March (materials are added at the beginning of the fabrication process):

Production:

Units in process, March 1, 50 percent complete with respect to conversion 5,000 Units completed 32,600 Units in process, March 31, 40 percent complete 6,000 Costs:

Work in process, March 1:

Materials $ 10,000 Conversion costs 7,500 Total $ 17,500 Current costs:

Materials $ 62,500 Conversion costs 105,000 Total $167,500 Jackson uses the weighted average method.

Required:

. Prepare an equivalent units schedule.

. Calculate the unit cost.

. Calculate the cost of units transferred out and the cost of EWIP.

Cornerstone Exercise