Example $10.$ Process Costing with Equivalent Units

Question: Beacon Corporation uses process costing and has the following production data for Department A for the month of June $2014$: $10,000$ units started, $7,000$ units completed and transferred out, and $3,000$ units in ending work in process $($WIP$),$ which are $50\%$ complete with respect to materials and $40\%$ complete with respect to conversion costs. Calculate the equivalent units for materials and conversion costs using the weighted$-$average method. Provide a detailed step$-$by$-$step calculation and explanation.