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	145,000	$	799,927
Finished goods inventory	20,000		345,110

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)	79,000	$	453,100		$	655,000
Units started	450,000
Current costs			1,610,000			2,218,000
Units completed and transferred to finished goods inventory	384,000

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.)

FREMONT CORPORATION Production Cost Report-Weighted-Average Physical Units Total Costs Materials Labor Overhead Flow of Production Units Units to be accounted for: Beginning WIP inventory Units started this period Total units to be accounted for 0 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 0 0 0 0 Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 0 $ 0 $ 0 $ 0 Cost per equivalent unit: Materials Labor Overhead $ 0 Costs accounted for Costs assigned to units transferred out: Materials Labor Overhead Total costs of units transferred out Costs assigned to ending WIP inventory: Materials Labor Overhead Total ending WIP inventory Total costs accounted for 0 $ $ 0 0 $ 0 $ 0 $ 0