1. 17-24 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 the month of May 2017:

a Degree of completion: direct materials, 80%; conversion costs, 35%.

b Degree of completion: direct materials, 80%; conversion costs, 40%.

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

2. 17-25 Weighted-average method, assigning costs (continuation of 17-24) For the data in 17-24, summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and transferred out) and units in ending work in process.

3. 17-26 FIFO method, equivalent units. Refer to the information in exercise 17-24. Suppose the assembly division at Quality Time Pieces, Inc. uses the FIFO method of process costing instead of the weighted-average method. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.

4. 17-27 FIFO method, assigning costs (continuation of 17-26). For the data in exercise 17-24, use the FIFO method to summarize the total costs to account for, calculate the 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.

Physical Units (Watches) 100 Direct Materials $ 459,888 Conversion Costs $ 142,570 510 Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 450 160 $3,237,000 $1,916,000