How can I prepare a product cost report (with it's supporting calculations) for department 1. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. 14XXX%24%24%24%24%23art APart BPart CPart Drepare a product cost report (with its supporting calculations) for Department 1.und average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. aPatterson Laboratories, Inc. Department 1Flow of Units and Equivalent Units Calculations, January 2019Equivalent Units% WorkDirect% WorkConversionDoneMaterialsDoneCostsComplete/Transferred25,000100 %A 000's000000025,400Ending InventoryA 000Total000'2Product Cost ReportDirectConversionMaterialsCostsBeginning InventoryCurrentTotal Costs to Account ForSx0+Total Equivalent UnitsAverage cost / Equivalent unit (round 2 decimal places)Complete/Transferred:Direct MaterialsConversion costsCost of Goods ManufacturedEnding Inventory:Direct MaterialsConversion costsCost of Ending InventoryTotal Costs AllocatedDetermine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory aeCheckYou have correctly selected 94.Partially correctMarks for this submission: 0.60/1.00.f3f4f5f2DDIesc2.3. student handout 1063-2002-07 XPEEM2: MBC Problems Ch. 3 & 4https://mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt3D5990916&cmid%3D3284148page=3&scrollpos=1182#q4M2 Business Analysis Case EYK X+E BusinessCourseA Return to courseTwo Departments, Journal Entries with Supporting Calculations-Weighted Average MethodPatterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments.Patterson uses the weighted average method for process costing. January 1, 2019, inventory account balances are as follows:Materials inventorySupport Dashboard BradleyWork in process-Department 1 (3,000 units, 30% complete)$30,000Direct materialConversion costs4,56010,640Work in process-Department 2 (3,550 units, 40% complete) 43,439Finished goods inventory (2.000 units @ $16)32,000During January, the following transactions occurred:1. Purchased material on account, $90,000.2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24,000 units ofmaterials.3. Distributed total payroll costs: $108,116 of direct labor to Department 1, $62,700 of direct laborto Department 2, and $51,000 of indirect labor to Manufacturing Overhead.4. Incurred other actual manufacturing overhead costs, $81,000. (Credit Other Accounts.)5. Applied overhead to the two processing departments: $88,000 to Department 1 and $43,900 toDepartment 2.6. Transferred 25,000 completed units from Department 1 to Department 2. The 2,000 units remainingin Department 1 were 20% completed with respect to conversion costs.7. Transferred 26,000 completed units from Department 2 to finished goods inventory. The 2,550units remaining in Department 2 were 70% completed with respect to conversion costs.8. Sold 20,000 units on account at $27 per unit. Patterson uses weighted average inventory costing proceduresfor the finished goods inventory.Part APart BPart CPart Db. Prepare a product cost report (with its supporting calculations) for Department 1.Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.Patterson Laboratories, Inc. Department 1Flow of Units and Equivalent Units Calculations, January 2019Equivalent Units9% WorkConversion% WorkDirectMaterialsDoneCostsDone100 9625,000100 9%25,000Complete/TransferredEnding Inventory25,00020 %4002.000100 %2,00025,40027,00027,000TotalProduct Cost Reportpg dnendpg uphomedeletef12f10DIIfnDDIfg9144f7f6f5f4f3

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The total cost of producing a product, including raw materials and operating costs, is detailed in a…