The following is relevant for beta company to the assembling department in the month of may

The following is relevant for Beta Company to the Assembly Department in the Month of May: . The company had 3,000 units in beginning WIP inventory; all were completed and transferred out during May. . During May, 6,000 units were started. Of the 6,000 units started: 1,000 units were completed and transferred out to the Finishing department (100 percent complete with respect to direct materials, direct labour, and overhead); thus 1,000 units were started and completed during May. 5,000 units were partially completed and remained in ending WIP inventory on May 31 (60 percent complete for direct materials, 30 percent complete for direct labour, and 30 percent complete for overhead, which is applied based on direct labour hours). . Costs in beginning WIP inventory totalled $161,000 (= $95,000 in direct materials + $40,000 in direct labour + $26,000 in overhead). . Costs incurred during May totalled $225,000 (= $1 15,000 in direct materials + $70,000 in direct labour + $40,000 in overhead). . Costs for the Assembly department totalled $386,000 for the month of May ($386,000 = $161,000 in beginning WIP inventory + $225,000 incurred during May). Required (Weighted average method) a) Summarize the physical flow of units and compute the equivalent units for direct materials, direct labour, and overhead. (5 MARKS) b) Summarize the costs to be accounted for (separated into direct materials, direct labour, and overhead). (5 MARKS) c) Calculate the cost per equivalent unit. (5 MARKS) d) Use the cost per equivalent unit to assign costs to (1) completed units transferred out and (2) units in ending WIP inventory. (5 MARKS) e) Explain the concept of equivalent units assuming the weighted average method is used.