Triangle Fastener Corporation 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. A partially completed production report for the month of May follows.

Production Report

For the Month of MayPhysical

UnitsPercentage of

Completion

with Respect

to ConversionEquivalent UnitsDirect

MaterialConversionWork in process, May130,00039%Units started during May45,000Total units to account for75,000Units completed and transferred out during May42,00042,00042,000Work in process, May 3133,00068%33,00022,440Total units accounted for75,000

Direct

MaterialConversionTotalWork in process, May 1$127,300$567,600$694,900Costs incurred during May236,4502,515,8542,752,304Total costs to account for$363,750$3,083,454$3,447,204