P5.33 LO 5.2 Weighted average process costing: manufacturer The Ryanglo Company 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 May follows. Production report, May Equivalent units Physical units Percentage of completion with respect to conversion Direct materials Conversion Work in process, 1 May Units started during May 25000 40% 30000 55 000 Units completed and transferred out during May 35000 35000 35000 Work in process, 31 May 20000 80% 20000 16000 Total units accounted for 55000 Work in process, 1 May Costs incurred during May Total costs to account for Direct material Conversion $286000 330000 $ 949400 4018000 Total $1235400 4348000 $616000 $4967 400 $5583400 Required 1. Complete the following process costing steps using the weighted average method:

(a) calculation of equivalent units

(b) calculation 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 during May.