* Question 2, E17-20 (similar to) The assembly division of Quality Time Pieces, Inc., uses the weighted-average method of process costing. Consider the following data for the month of May 2014: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and transferred out) and units in ending work in process 1 Reference Begin by summarizing the total costs to account for. Total Direct Conversion Production Costs Materials Costs Equivalent Units Work in process, beginning S 584,400 S 493,360 $ 91,040 Physical Direct Conversion Costs added in current period 4,612,000 3,220,000 1,392,000 Flow of Production Units Materials Costs Total costs to account for S 5,196,400 $ 3,713,360 S 1,483,040 Completed and transferred out during current period 460 460 460 120 Next calculate cost per equivalent unit for direct materials and conversion costs. Work in process, ending 72 36 580 Direct Conversion Accounted for 532 496 Materials Costs i Data Table Work done to date Divide by Print Done Cost per equivalent unit Physical Units Direct (Watches) Materials Costs Beginning work in process (May 1)a 80 $493,360 $91,040 Started in May 2014 500 Choose from any list or enter any number in the input fields and then click Check Completed during May 2014 460 ? Ending work in process (May 31)b 120 $3,220,000 $1,392,000 part Total costs added during May 2014 Degree of completion: direct materials, 90%, conversion costs, 40%. Check Answer remaining Degree of completion: direct materials, 60%, conversion costs, 30%. 11:24 PM Desktop 2