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Prepare a production cost report for Tillman using the weighted-average method. (Hint: You will need to calculate equivalent units for three categories: materials, labor, and overhead.) Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number. Journal entry worksheet Record the difference between the unaudited records and actual ending balances of Work-in-Process Inventory and Finished Goods Inventory. Note: Enter debits before credits. The records of Tillman Corporation's initial and unaudited accounts show the following ending inventory bolances, which must be adjusted to actual costs: As the auditor, you have learned the following information. Ending work-in-process inventory is 35 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overheod is applied at the fate of 90 percent of the direct labor costs. There was no finished goods inventory at the start of the period. The following additional information is also avaltable: Required: a. Prepare a production cost report for Tiliman using the weighted-averoge method. b. Show the journal entry required to correct the difference between the unaudited records and actual ending balances of Work-in: Process inventory and Finished Goods inventory. Debit or credit Cost of Goods Sold for any difference. c. If the adjustment in requirement (b) is not made, will the company's income and inventories be overstated or understated? \begin{tabular}{|l|l|l|} \hline Required A & Required B & Required C \\ \hline \end{tabular} If the adjustment in requirement (b) is not made, will the company's income and inventories be overstated or understated? \begin{tabular}{|l|l|l|l|} \hline Income would have been & Finished goods would have been \\ \hline \end{tabular}

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