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 |