Process Costing: Average Costing Method and Two Time Periods Top Corporation produces a line of beverage lids. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that were needed before the company purchased the automated machinery. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Operating data for May and June follow. May June Beginning work in process inventory: Units (May: 40% complete) 220,000 ? Direct materials $3,440 $400 Conversion costs $6,480 $420 Production during the month: Units started 24,000,000 31,000,000 Direct materials $45,000 $93,200 Conversion costs $66,000 $92,796 Ending work in process inventory: Units (May: 70% complete; June: 60% complete) 200,000 320,000 Hide 1. Using the average costing method, prepare a process cost report for May. For per unit amounts, round to three decimal places. For the percentages, do not enter the percent sign. For example, 60% would be entered as 60. Top Corporation Process Cost ReportAverage Costing Method For the Month Ended May 31 Physical Units: Beginning inventory Units started this period Units to be accounted for Units completed and transferred out Ending inventory Units accounted for Equivalent Units Direct Materials Perecentage Conversion Costs Percentage Units completed and transferred out % % Ending inventory % % Units accounted for Cost Information Costs to account for: Total Costs = Direct Materials + Conversion Costs Beginning inventory $ $ $ Current costs Total costs $ $ $ Cost per equivalent unit $ $ $ Cost of goods manufactured and transferred out $ Ending inventory Total costs $