Question 2 Hamilton Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. (a) Your answer is correct. Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for" equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Physical Conversion Quantities Units Materials Costs Units to be accounted for Work in process, October 1 22,000 (all materials, 70% conversion costs) Started into production 165,000 Total units 187,000 Units accounted for Transferred out 132,000 132,000 132,000 Work in process, October 31 (60% materials, 40% conversion costs) 55,000 33000 22000 Total units accounted for 187,000 165000 154000 Conversion Costs Costs Materials Total Unit costs Total Costs $264,000 $115,500 $379,500 Equivalent units 165000 154000 Unit costs 1.60 0.75 2.35 Costs to be accounted for Work in process, October 1 Started into production Total costs $33,000 346,500 $379,500 (b) Complete the "Cost Reconciliation Schedule" part of the production cost report. Cost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, October 31 Materials $ Conversion costs Total costs $