Weighted Average Method, Separate Materials Cost Janbo Company produces a variety of stationery products. One product, sealing wax sticks, passes through two processes: blending and molding. The weighted average method is used to account for the costs of production. After blending, the resulting product is sent to the molding department, where it is poured into molds and cooled. The following information relates to the blending process for August: a. Work in Process on August 1, had 30,000 pounds, 20% complete. Costs associated with partially completed units were: Materials $220,000 Direct labor 30,000 Overhead applied 20,000 b. Work in Process on August 31, had 50,000 pounds, 40% complete. c. Units completed and transferred out totaled 480,000 pounds. Costs added during the month were (all inputs are added uniformly): Materials $5,800,000 Direct labor 4,250,000 Overhead applied 1,292,500 Required: 1a. Prepare a physical flow schedule. Janbo Company Physical Flow Schedule Units to account for: Units in beginning work in process Units started Total units to account for Units accounted for: Units completed From ending work in process Total units accounted for 1b. Prepare an equivalent unit schedule. Janbo Company Schedule of equivalent units Weighted Average Method Units completed Units in ending work in process Total equivalent units 2. Calculate the unit cost. Round unit cost value to three decimal places. $ 3. Compute the cost of EWIP and the cost of goods transferred out. Ending work in process $ Goods transferred out $ 4. Prepare a cost reconciliation. Janbo Company Cost Reconciliation Costs to account for: Beginning WIP $ August costs Total to account for $ Costs accounted for: Transferred out $ Ending WIP Total costs accounted for $ 5. Suppose that the materials added uniformly in blending are paraffin and pigment and that the manager of the company wants to know how much each of these materials costs per equivalent unit produced. The costs of the materials in BWIP are as follows: Paraffin $120,000 Pigment 100,000 The costs of the materials added during the month are also given: Paraffin $3,250,000 Pigment 2,550,000 Prepare an equivalent unit schedule with cost categories for each material. Paraffin Pigment Units completed Units in ending WIP Total equivalent units Unit cost computation: Costs in BWIP $ $ Costs added Total costs $ $ Calculate the cost per unit for each type of material. Round your answers to the nearest cent. Unit paraffin cost $per unit Unit pigment cost $per unit