Martin Company manufactures a single product. The company uses the weighted average cost method in its process costing system. Activity for June has just been completed. An incomplete production report for the first processing department follows: Quantity Schedule Units to be accounted for Work in process, June 1 (all materials, 75% labour and overhead added last month) Started into production 19,500 97,000 Total units 116,500 Total Cost Whole Unit Materials Labour Overhead Cost to be accounted for Work in process, June 1 Cost added by the department $ 22,660 136,540 $ 17,300 67 000 $ 1,880 23 880 $ 3,480 45,660 Total cost (a) $159,200 $ 84,300 $ 25,760 $ 49,140 Equivalent units (b) Cost per EU, (a) - (b) 116,500 $ 0.72 108,400 $ 0.24 108.400 $ 0.45 + = $1.41 Required: 1. Prepare a schedule showing how the equivalent units were computed for the first processing department Equivalent Units (EU) Quantity Schedule Materials Labour Overhead 103.000 Units accounted for as follows Transferred to the next department Work in process June 30 (all materials 40% labour and overhead added this month) Total units and equivalent units of production 13 500 116 500 2. Complete the cost reconciliation part of the production report for the first processing department. (Round your intermediate calculations to 2 decimal places.) Equivalent Units (EU) Materials Labour Overhead Total Cost Cost accounted for as follows: Work in process, June 30 0 Total work in process Total cost $ 0 References eBook & Resources