1) Determine Equivalent units of production for the month.

2) Determine costs per equivalent unit.

3) determine cost of ending work in process inventory.

4) determine cost of transferred out units.

5) In lean environment, the FIFO and weighted average methods would produce almost identical product costs?

true or false? why?

Just Jeans uses the weighted average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month: Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion 300 60% 30% Costs in the beginning WIP inventory: Materials cost Conversion cost $342 $2,394 Units started into production during the month Units completed and transferred out 21,000 20,700 Costs added to production during the month: Materials cost Conversion cost $44,136 $546,750 Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 600 80% 30%