Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Direct material $14,700 24,885 Conversion costs Costs added in Department 1 Direct material $443,100 447,825 Direct labor Manufacturing overhead 304,695 1,195,620| Department 1 handled the following units during May: Units in process, May 1 Units started in Department 1 Units transferred to Department 2 39,000 Units in process, May 31 2,000 40,000 3,000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Reston uses the weighted average method for process costing. Required Prepare the product cost report for Department 1 for May. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Reston Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May 2016 Equivalent Units %Work Conversion %Work Direct Done Materials Done Costs 0% 0% Complete/Transferred 0% 0% Ending Inventory J Total Product Cost Report Direct Conversion Materials Costs Reston Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May 2016 Equivalent Units % Work Direct % Work Conversion Done Materials Done Costs 0% 0% Complete/Transferred 0 10 10 0% 0% 10 0 10 Ending Inventory Total 0 0 10 Product Cost Report Direct Conversion Materials Costs O$ O$ Beginning Inventory 0 0 Current O$ 0 $ Total Costs to Account For $ 0 0 Total Equivalent Units $ 0 $ 10 Average cost / Equivalent unit (round four decimal places) Complete/ Transferred: $ 0 Direct Materials 10 Conversion costs $ 10 Cost of Goods Manufactured Ending Inventory 0 Direct Materials $ 0 Conversion costs $ 0 Cost of Ending Inventory $ 0 Total Costs Allocated LA tA tA +A +A