The assembly division of Quality time pieces INC uses the weighted average method of process costing. Consider the following data for May 2020:

Requirement A: Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.

Requirement B: 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

Requirement C: Suppose the assembly division uses the FIFO method of process costing instead. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.

Requirement D: Use the FIFO method to 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

18-24. WEIGHTED-AVERAGE METHOD, EQUIVALENT UNITS. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020: Direct Materials $ 459,888 Conversion Costs $ 142,570 Beginning work in process (May 1)a Started in May 2020 Completed during May 2020 Ending work in process (May 31) Total costs added during May 2020 Physical Units (Watches) 100 510 450 160 $3,237,000 $1,916,000 a Degree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 80%, conversion costs, 40%