Question 3 Lotus Manufacturing Ltd manufactures toy boats. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows: Production Data - Toy Boats Units Percentage Complete Work in process units, July 1 600 40% Units started into production 1,000 Work in process units, July 31 500 60% Cost Data - Toy Boats Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $800 680 $1 480 2,400 1,580 1,240 HI5017 MANAGERIAL ACCOUNTING Page 2 of 2 Required: Using the weighted average method 1. Calculate the equivalent units of production for materials and conversion costs 2. Calculate the unit costs of production for materials and conversion costs 3. Calculate the assignment of costs to units transferred out and in process at the end of the accounting period