Weighted Average Method, Separate Materials CostJanbo 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:Question Content Area$1$a$.$ Prepare a physical flow schedule.Janbo CompanyPhysical Flow ScheduleblankUnits to account for:Units in beginning work in processfill in the blank $96$f$34$bf$9$cff$2$fd$3\_1$Units startedfill in the blank $96$f$34$bf$9$cff$2$fd$3\_2$Total units to account forfill in the blank $96$f$34$bf$9$cff$2$fd$3\_3$Units accounted for:Units completedfill in the blank $96$f$34$bf$9$cff$2$fd$3\_4$From ending work in processfill in the blank $96$f$34$bf$9$cff$2$fd$3\_5$Total units accounted forfill in the blank $96$f$34$bf$9$cff$2$fd$3\_6$Question Content Area$1$b$.$ Prepare an equivalent unit schedule.Janbo CompanySchedule of equivalent unitsWeighted Average MethodUnits completedfill in the blank $3$c$8$f$70$f$7$f$052$f$81\_1$Units in ending work in processfill in the blank $3$c$8$f$70$f$7$f$052$f$81\_2$ Total equivalent unitsfill in the blank $3$c$8$f$70$f$7$f$052$f$81\_3$Question Content Area$2.$ Calculate the unit cost. Round unit cost value to three decimal places.$fill in the blank $74414$afab$07504$a$\_13.$ Compute the cost of EWIP and the cost of goods transferred out.Ending work in process$fill in the blank $74414$afab$07504$a$\_2$Goods transferred out$fill in the blank $74414$afab$07504$a$\_3$Question Content Area$4.$ Prepare a cost reconciliation.blankJanbo CompanyCost ReconciliationCosts to account for:Beginning WIP$fill in the blank fa$4480$f$28053$ffc$\_1$August costsfill in the blank fa$4480$f$28053$ffc$\_2$Total to account for$fill in the blank fa$4480$f$28053$ffc$\_3$Costs accounted for:Transferred out$fill in the blank fa$4480$f$28053$ffc$\_4$Ending WIPfill in the blank fa$4480$f$28053$ffc$\_5$Total costs accounted for$fill in the blank fa$4480$f$28053$ffc$\_6$Question Content Area$5.$ 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 PigmentUnits completedfill in the blank $33$b$224$fc$0066$fdb$\_1$ fill in the blank $33$b$224$fc$0066$fdb$\_2$Units in ending WIPfill in the blank $33$b$224$fc$0066$fdb$\_3$ fill in the blank $33$b$224$fc$0066$fdb$\_4$ Total equivalent unitsfill in the blank $33$b$224$fc$0066$fdb$\_5$ fill in the blank $33$b$224$fc$0066$fdb$\_6$Unit cost computation: Costs in BWIP$fill in the blank $33$b$224$fc$0066$fdb$\_7$ $fill in the blank $33$b$224$fc$0066$fdb$\_8$Costs addedfill in the blank $33$b$224$fc$0066$fdb$\_9$ fill in the blank $33$b$224$fc$0066$fdb$\_10$ Total costs$fill in the blank $33$b$224$fc$0066$fdb$\_11$ $fill in the blank $33$b$224$fc$0066$fdb$\_12$