Weighted average method, assigning costs. summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending work in process.

Physical Units (Watches)

Direct Materials

Conversion Costs

Beginning work in process (May 1)

80

$ 493,360

$ 91,040

Started in May 2012

500

Completed during May 2012

460

Ending work in process (May 31)

120

Total costs added during May 2012

$3,220,000

$1,392,000