The assembly division of Cranberry Watches, Inc., uses the weighted-average method of process costing. Consider the following data for the month of May 2014:

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.

The begining is laid out like this

Physical Units Direct Conversion (Watches) Materials Costs 80 500 460 120 $493,360 $91,040 Beginning work in process (May 1)a Started in May 2014 Completed during May 2014 Ending ork in process (May 31) Total costs added during May 2014 Degree of completion: direct materials, 90%, conversion costs, 40% b Degree of completion: direct materials, 60%, conversion costs, 30%. $3,220,000 $1,392,000