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(12 points) Anchor Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department

(12 points) Anchor Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Work in process, beginning:

Units in process...........................................................

5,000

Costs in the beginning inventory:

Materials cost...........................................................

$281,250

Conversion cost........................................................

$50,000

Units started into production during the month..............

130,000

Units completed and transferred out...............................

110,000

Costs added to production during the month:

Materials cost...............................................................

$500,000

Conversion cost...........................................................

$400,000

Work in process, ending:

Units in process...........................................................

25,000

% of completion with respect to materials..................

60%

% of completion with respect to conversion...............

40%

Required:

Prepare a process costing departmental production report (calculation of equivalent units, cost per equivalent unit, and cost reconciliation) for the department using the weighted-average method. Round the cost per unit to the nearest cent.

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