P5.34 - Weighted average process costing: manufacturer Triangle zipper company 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. A partially completed production report for May follows.

		Production report, May
		Percentage of completion with respect to conversion			Equivalent units
	Physical 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%			20000	16000
Total units accounted for	55000
		Direct material	Conversion	Total
Work in process, 1 May		$143000	$474700	$617700
Costs incurred during May		165000	2009000	2174000
Total costs to account for		$308000	$2483700	2$791700

					Production report, May
			Percentage of completion with respect to conversion			Equivalent units

Required

1. Complete the following prices costing steps using the weighted average method:

a. Calculation of equivalent units

b. Calculation of unit costs

c. Analysis of total costs

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