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Can you please solve me the following question for me? Week 4 Rigby Ltd accumulates costs for its single product using process costing. Direct material
Can you please solve me the following question for me?
Week 4 Rigby Ltd 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. The following is a partially completed production report for May. Production report, May Equivalent units Work in process, 1 May Units started during May Units completed and Physical units 25,000 30,000 55,000 35,000 transferred out during May Work in process, 31 May 20,000 Total units accounted for 55,000 Work in process, 1 May Costs incurred during May Total costs to account for Required. Percentage of completion with respect to conversion 80% Direct material $143,000 $165,000 $308,000 Direct materials 35,000 20,000 Conversion $474,700 $2,483,700 Conversion 35,000 16,000 Total $617,700 $2,791,700 a) b) Complete the following process costing steps using the weighted average method: i Calculation of equivalent units. (3 marks) ii Calculation of unit costs. (3 marks) iii Analysis of total costs. (3 marks) Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (I mark)
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