1. Exercise 17-24 (Page 710)

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:

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

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.