Wallace Inc produces a product that goes through three departments: Machining, Assembly and Polishing. Materials are added at the beginning of the machining operation; labor and overhead are added uniformly throughout the process. The machining department had work in process at the beginning and end of 1998 as follows:

Percentage of Completion

Materials Conversion Costs

January 1 1998, 2500 Units 100 60

December 31 1998, 4000 Units 100 50

• The company completed 42500 units during the year and incurred the following manufacturing costs:

Direct materials: 158000$

Direct labor: 98750$

Overhead: 79000$

• The inventory at beginning of the year was carried at the following costs:

Direct materials: 9750$

Direct labor: 6125$

Overhead: 4950$

How can I compile a cost of production report using the weighted average method and record the journal entries? I have a hard time with the report