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 IJnits started durin Ma Units completed and transferred out durin Ma Work in process, 31 May Total units accounted for Work in process, 1 May Costs incurred during May Total costs to account for Required: Physical units 25,000 30,000 55,000 35,000 20,000 55,000 Percentage of completion with respect to conversion 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 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. (1 mark)