Ex. 1 Production report using weighted average method (Modified) Woodchuck Timber Pty Ltd grows, harvests and processes timber for use in the building industry. All production is completed in a single production department. The following data relate to the company's sawmill during June: Work in process, 1 June: 2,500 units 30% complete Direct material $130 000 Conversion 348 000 Costs incurred during June: Direct material $850 000 Conversion 1 380 000 Units completed and transferred out in June are 13,000. WIP, 30 June 2016: 1,000 units 50% complete. Required: 1. Calculate the following: Use weighted average process costing. a. Equivalent units for direct materials and conversion. b. Cost per equivalent unit, for both direct material and conversion, during June. c. Cost of units completed and transferred out in June. d. Cost of WIP 30 June. Please use the form provided to answer the requirements of the question. 2. Write the journal entry to record the transfer of units completed & transferred out in June.