Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. The following is a partially completed production report for May.

Production report, May

Physical

units

Percentage of

completion with respect

to conversion

Equivalent units

Direct materials

Conversion

Work in process, 1 May

25,000

40%

Units started during May

30,000

55,000

Units completed and transferred out during May

35,000

35,000

35,000

Work in process, 31 May

20,000

80%

20,000

16,000

Total units accounted for

55,000

Direct material

Conversion

Total

Work in process, 1 May

$143,000

$474,700

$617,700

Costs incurred during May

$165,000

$2,009,000

$2,174,000

Total costs to account for

$308,000

$2,483,700

$2,791,700

Required:

a) Complete the following process costing steps using the weighted average method:

i Calculation of equivalent units.

ii Calculation of unit costs.

iii Analysis of total costs.

b) Prepare journal entry to record the transfer of the cost of goods completed and transferred out during May.