The assembly division of Canterbury Watches, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020: Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1)a 100 $738,600 $64,500 Started in May 2020 525 Completed during May 2020 480 Ending work in process (May 31)b 145 Total costs added during May 2020 $3,195,000 $1,415,000 aDegree of completion: direct materials, 80%; conversion costs, 35%. bDegree of completion: direct materials, 80%; conversion costs, 40%. Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Completed and transferred out during current period 480 480 480 Work in process, ending 145 116 58 Accounted for 625 Work done to date 596 538 Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. *** Breakdown Answers to each question*** Note: I've had to submit this questions 4 times.

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I do not understand this breakdown given by one of your Expert Answer This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Step-by-step 1st step All steps Answer only Step 1/1 Here's the breakdown of the answers to each question: Total costs to account for: Total costs added during May 2020 = $3,195,000 (given in the data) Cost per equivalent unit for direct materials: Cost per equivalent unit for direct materials = Total direct materials costs / Equivalent units of direct materials Total direct materials costs = $1,415,000 (given in the data) Equivalent units of direct materials = Units completed and transferred out during the current period + Units in ending work-in-process inventory (degree of completion for direct materials) Units completed and transferred out during the current period = 480 (given in the data) Units in ending work-in-process inventory = 145 (given in the data) Degree of completion for direct materials = 80% (given in the data) Plugging in the values: Cost per equivalent unit for direct materials = $1,415,000 / (480 + 145) = $1,415,000 / 625 = $2,264 per equivalent unit for direct materials Cost per equivalent unit for conversion costs: Cost per equivalent unit for conversion costs = Total conversion costs / Equivalent units of conversion Total conversion costs = Total costs added during May 2020 - Total direct materials costs (calculated in step 1) Total costs added during May 2020 = $3,195,000 (given in the data) Total direct materials costs = $1,415,000 (calculated in step 2) Equivalent units of conversion = Units completed and transferred out during the current period + Units in ending work-in-process inventory (degree of completion for conversion costs) Units completed and transferred out during the current period = 480 (given in the data) Units in ending work-in-process inventory = 145 (given in the data) Degree of completion for conversion costs = 40% (given in the data) Plugging in the values: Cost per equivalent unit for conversion costs = ($3,195,000 - $1,415,000) / (480 + 145) = $1,780,000 / 625 = $2,848 per equivalent unit for conversion costs Costs assigned to units completed (and transferred out): Costs assigned to units completed (and transferred out) = Cost per equivalent unit for direct materials Equivalent units of direct materials + Cost per equivalent unit for conversion costs Equivalent units of conversion Cost per equivalent unit for direct materials = $2,264 (calculated in step 2) Equivalent units of direct materials = 480 (given in the data) Cost per equivalent unit for conversion costs = $2,848 (calculated in step 3) Equivalent units of conversion = 480 (given in the data) Plugging in the values: Costs assigned to units completed (and transferred out) = $2,264 480 + $2,848 480 = $1,084,320 + $1,366,560 = $2,450,880 Explanation: Costs assigned to units in ending work-in-process inventory = Cost per equivalent unit for direct materials Equivalent units of direct materials in ending work-in-process inventory + Cost per equivalent unit for conversion costs Equivalent units of conversion in ending work-in-process inventory Costs assigned to units in ending work-in-process inventory: Costs assigned to units in ending work-in-process inventory = Cost per equivalent unit for direct materials Equivalent units of direct materials in ending work-in-process inventory + Cost per equivalent unit for conversion costs Equivalent units of conversion in ending work-in-process inventory Cost per equivalent unit for direct materials = $2,264 (calculated in step 2) Equivalent units of direct materials in ending work-in-process inventory = Units in ending work-in-process inventory Degree of completion for direct materials Units in ending work-in-process inventory = 145 (given in the data) Degree of completion for direct materials = 80% (given in the