CircleD Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of June follows.

Required:
1. Complete each of the following process-costing steps using the weighted-average method:
a. Calculation of equivalent units.
b. Computation of unit costs.
c. Analysis of total costs.
2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out duringJune.

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Production Report For the Month of June Percentage of Equivalent Units Completion Physical with Respect to Direct Units 30,000 34,000 64,000 40,000 24,000 64,000 Conversion Material Conversion 35% Work in process, June 1 Units started during June Total units to account for Units completed and transferred out during June Work in process, June 30 Total units accounted for 40,000 40,000 75% 24,000 18,000 Direct Material Conversion Total Work in process, June 1 Costs incurred during June Total costs to account for $147,600 623,400 S 771,000 2,221,500 2,422,700 $2,844,900 $3,193,700 201,200 $348,800