Product Cost Report-Weighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The cos Cost of beginning inventory Direct material $9,800 Conversion costs 16,480 Costs added in Department 1: Direct material $295,120 Direct labor 298,550 Manufacturing overhead 203,130 796,800 Department 1 handled the following units during May: Units in process, May 1, 2019 2.000 Units started in Department 1 40.000 Units transferred to Department 2 39.000 Units in process. May 31, 2019 3.000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are Required Prepare the product cost report for Department 1 for May. und average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calcul Riley Manufacturing Corporation Department 1 Flow of Units and Equivalent Units Calculations, May 2019 Equivalent Units % Work Direct % Work Done Materials Done Complete/Transferred Ending Inventory 0 % Total Conversion Costs 0 % Product Cost Report Direct Conversion Materials in Costs 0$ $ 0 $ O Beginning Inventory Current Total Costs to Account For + Total Equivalent Units Average cost / Equivalent unit (round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials Conversion costs Cost of Ending Inventory Total Costs Allocated olo o