1 Process Costing 2 Weighted average method, equivalent units 3 The assembly division of Quality Time Pieces, Inc. uses the weighted average method of 4 process costing. Consider the following data for the month of May 2017: 5 Physical Units Direct Conversion 6 (Watches) Materials Costs 7 Beginning work in process (May 1) 100 $459,888 $142,570 8 Started in May 2017 510 9 Completed during May 2017 450 10 Ending work in process (May 31) 160 11 Total costs added during May 2017 $3,237,000 $1,916,000 12 Degree of completion: 13 Direct materials 80% 14 Conversion costs 35% 15 Degree of completion: 16 Direct materials 80% 17 Conversion costs 40% a b 18 19 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you 20 copy/paste from the Instructions tab you will be marked wrong. 21 22 Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in 23 the first column of your schedule. 24 a. Enter all amounts as positive values