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P5. 34 Weighted average process costing: manufacturer Tringle Zipper Company accumulates costs for its single product using process costing. Direct materials is added at the

P5. 34 Weighted average process costing: manufacturer

Tringle Zipper Company accumulates costs for its single product using process costing. Direct materials is added at the beginning of the production process and conversion activity occurs uniformity throughout the process. A partially completed production repost for May follows.

Production report, May

Physical units

Percentage of completion with respect to conversion 40%

Equivalent units

Direct materials

Conversion

Work in process, 1 May

25000

40%

Units started during May

30000

55000

Units completed and transferred out during May

35000

35000

35000

Work in Process, 31 May

20000

80%

Total units accounted for

55000

Direct Materials

Conversions

Total

Work in process, 1 May

$143,000

$474,700

$617,700

Costs incurred during May

165000

2009000

2174000

Total costs to account for

$308,000

$2,583,700

$2,791,700

Required

Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May

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