Meewasin Building Ltd. manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, cooking, is given below for July: Production data: Units in process, July 1: 100% complete as to materials and 80% complete as to labour and overhead Units started into production during July Units completed and transferred out 23,800 138,000 93,800 Units in process, July 31: 80% complete as to materials and 30% complete as to labour and overhead ? Cost data: Work-in-process inventory, July 1: Materials cost Labour cost Overhead cost Cost added during July: Materials cost Labour cost Overhead cost $ 3,380 2,880 4,880 218,000 28,800 78,800 Materials are added at several stages during the cooking process, whereas labour and overhead costs are incurred uniformly. The company uses the weighted average cost method. The company combines labour and overhead into a single cost category- conversion cost. Required: Prepare a production report for the cooking department for July. Use the following three steps in preparing your report: 1. Prepare a quantity schedule and a computation of equivalent units. Units to be accounted for: Work in process, July 1 Started into production Total units Quantity Schedule 23,800 138,000 161,800 Units accounted for as follows: Transferred out Work in process, July 31 Total units and equivalent units of production Equivalent Units (EU) Units Materials Labour Overhead 93,800 93,800 93,800 93,800 68,000 54,400 20,400 20,400 161,800 148,200 114,200 114,200 2. Compute the costs per equivalent unit for the month. (Round your answers to 3 decimal places.) Costs per equivalent unit Materials Labour Overhead 3. Using the data from parts (1) and (2), prepare a cost reconciliation. (Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Note: There is difference of "$0" in both the values due to rounding and we feel a note which reads: "Due to rounding, your "Cost accounted for" may not be equal to "Cost to account for"". 3. Using the data from parts (1) and (2), prepare a cost reconciliation. (Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Note: There is difference of "$0" in both the values due to rounding and we feel a note which reads: "Due to rounding, your "Cost accounted for" may not be equal to "Cost to account for"". Cost accounted for as follows: Work in process, July 31: Total work in process Total cost Equivalent Units (EU) Total Cost Materials Labour Overhead 0 $ 0 4. Prepare a production report for the cooking department for July. Assuming the company uses the FIFO method. Follow parts (1) to (3). (Leave no cells blank, enter "O" wherever required. Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Quantity Schedule and Equivalent Units Units to be accounted for: Total units Quantity Schedule 0 Units accounted for as follows: Total units and equivalent units of production Cost per Equivalent Unit Materials Labour Overhead Costs per equivalent unit Units Materials Equivalent Units (EU) Labour Overhead 0 0 0 0 Cost Reconciliation Note: There is difference of "$0" in both the values due to rounding and we feel a note which reads: "Due to rounding, your "Cost accounted for" may not be equal to "Cost to account for"". Cost accounted for as follows: Prior period cost in Work in Process, July 1 Cost incurred during May: To complete units in Work in Process, July 1 Total To partially complete units in Work in Process, May 31 Total Total cost Cost transferred out, May 31 Equivalent Units (EU) Total Cost Materials Labour Overhead $ 11,140 0 0 11,140 11,140