The records of Fremont Corporations initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs.

	Units	Unaudited Costs
Work-in-process inventory	165,000	$	805,347
Finished goods inventory	18,000		351,150

As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor costs. There was no finished goods inventory at the start of the period. The following additional information is also available.

		Costs
	Units	Direct Materials			Direct Labor
Beginning inventory (80% complete as to labor)	83,000	$	384,150		$	855,000
Units started	490,000
Current costs			1,650,000			2,226,000
Units completed and transferred to finished goods inventory	408,000

Required:

a. Prepare a production cost report for Fremont using the weighted-average method. (Hint: You will need to calculate equivalent units for three categories: materials, labor, and overhead.)

Prepare a production cost report for Fremont using the weighted-average method. (Hint: You will need to calculate equivalent units for three categories: materials, labor, and overhead.) (Round "Cost per equivalent unit" to 2 decimal places.)

How to find Costs in beginning WIP inventory and current period costs?

FREMONT CORPORATION
Production Cost ReportWeighted-Average
	Physical Units	Total Costs	Materials	Labor	Overhead
Flow of Production Units
Units to be accounted for:
Beginning WIP inventory	83,000
Units started this period	490,000
Total units to be accounted for	573,000
Units accounted for:
Units completed and transferred out:
From beginning inventory	83,000
Started and completed currently	325,000
Total transferred out	408,000		408,000	408,000	408,000
Units in ending WIP inventory	165,000		165,000	66,000	66,000
Total units accounted for	573,000		573,000	474,000	474,000
Costs to be accounted for:
Costs in beginning WIP inventory		?	?	$855,000	$684,000
Current period costs		?	?	?	?
Total costs to be accounted for		$0	$0	$855,000	$684,000
Cost per equivalent unit:
Materials			?
Labor				?
Overhead					?
Costs accounted for:
Costs assigned to units transferred out:
Materials		?	?
Labor		?		?
Overhead		?			?
Total costs of units transferred out		$0
Costs assigned to ending WIP inventory:
Materials		?	?
Labor		?		?
Overhead		?			?
Total ending WIP inventory		$0
Total costs accounted for		$0	$0	$0	$0