2 Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method 8 points Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units Into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (1.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October eBook dor Hint Direct Materials Beginning work-in-process Costs added in October Total costs Conversion Costs $ 3,125 6,000 $9,125 $8,700 $8,700 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a production cost report for October using the weighted average method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department Weighted Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Step 2: Calculate Equivalent Units Units Completion Physical Units Direct Percentage Materials Conversion Input Beginning work-in-process inventory 300 Direct materials ol% Conversion 50% Started this period 800 Total to account for 1,100 Outnut MC