Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June: Beginning inventory (700 units, 40% complete) Direct materials Conversion costs Current period Direct materials (5,000 units) Direct labor Manufacturing overhead applied $5,810 15,884 70,000 119,200 75,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Where do the units come from? Where do the units go? Beginning Inventory Complete/Transferred Started Total Where do the costs come from? Beginning Inventory Current Total Costs to Account For Equivalent Units % Work Direct Done? Materials % Work Done? Conversion Costs % % % % a. a. Ending Inventory Total Product Cost Report Direct Conversion Materials Costs $ $ $ $ $ b. $ b. + Total Equivalent Units Average cost/Equivalent unit Where do the costs go? Complete / Transferred: Direct Materials $ Conversion costs Costs of Goods Manufactured $ C. Ending Inventory: Direct Materials $ Conversion costs Cost of Ending Inventory Total Costs Allocated $ Check