Melbourne Furniture Group (MFG) is a partnership enterprise that produces household and office furniture in South Yarra. The firm was established in 2010 and is expanding its market share in Victoria. Products are well sought by retailers and customers. The business has expanded rapidly and produces multiple products. Currently MFG offered job opportunities to potential graduates in accounting and the job is in cost accounting. You are invited for an interview and must demonstrate your knowledge of your area by correctly answering the following question. The accountant has compiled the following data for you to use. All materials are added at the start of the production process while conversion costs are applied uniformly throughout the production process. The business uses process costing with a weighted average costing approach. Summary of operations conducted during May 2021 are presented below:

Opening WIP: 1 May	4,000	Units 40% complete
Materials	$96,000
Conversion	$140,000
Additional data for the month of May:
Units completed & transferred out in May	29,000	units
Costs incurred in May:
Materials	$674,000
Conversion	$756,000
Closing WIP: 31 May	6,000	units 50% complete

Required: (please round all cost calculations to two decimal places e.g.$34.56)

Please use the supplied production report to answer the following requirements.

1. Calculate the equivalent units for: (Hint: you need to do physical unit analysis first)

i. Materials

ii. Conversion

2. Calculate cost per equivalent unit for:

i. Direct materials ii. Conversion

3. Calculate the total costs assigned to:

i. Units completed and transferred out in March.

ii. Work-in-process inventory at March 31.

4. Discuss a product costing system. Explain the steps involved in product costing systems. (70 to 120 words)