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. Begin by summarizing the total costs to account for. Total Direct Conversion i Reference - X Production Costs Materials Costs Work in process, beginning Costs added in current period Equivalent Units Total costs to account for Physical Direct Conversion Flow of Production Units Materials Costs Data Table - X Completed and transferred out during current period 460 460 460 120 Work in process, ending 72 36 580 Accounted for Physical Units Direct Conversion 532 496 Work done to date (Watches) Materials Costs Beginning work in process (May 1)a 80 $493,360 $91,040 Started in May 2014 500 Print Done Completed during May 2014 460 Ending work in process (May 31)b 120 Total costs added during May 2014 $3,220,000 $1,392,000 Degree of completion: direct materials, 90%, conversion costs, 40%. Degree of completion: direct materials, 60%, conversion costs, 30%. Clear All