FREMONT CORPORATION Production Cost Report - Weighted Average Part a. Physical Units Equivalent units Labor Overhead Materials Flow of production units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for: Units completed and transferred out: From beginning inventory Started and completed currently Total transferred out Units in ending WIP inventory Total units accounted for Details Labor Total Costs Materials Overhead Costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Costs per equivalent unit Materials Labor Overhead Costs accounted for: Costs assigned to units transferred out: Materials Labor Overhead Total costs of units transferred out Costs assigned to ending WIP: Materials Labor Overhead Total ending WIP inventory Total costs accounted for Part b. Adjustment required: Work in Process Finished Goods Per problem statement Correct Difference Prepare the journal entry below to adjust the accounts to the correct amounts Account Title Debit Credit Part c. Overstated Understated Income would have been Work in Process would have been Finished Goods would have been