nd EXERCISE 3 Weighted average process costing: manufacturer Triangle Zipper Company accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout process. A partially completed production report for May follows: Production Report, May Percentage of Equivalent units completion units to conversion material 40% Physical with respect Direct Conversion Work in process, 1 May.. Units started during May. Total units to account for.. Units completed and transferred out during May Work in process, 31 May. Total units accounted for Total equivalent units 25 000 55 000 35 000 20 000 55.000 80% (b) Costs per equivalent unit: Direct material $143 000 165 000 308 000 Conversion $474 700 2009 000 S2483200 Total Work in process, I May.. Costs incurred during May. Total costs to account for Required: Complete the following process costing steps using the weighted average method: (a) calculation of equivalent units (b) calculation of unit costs (c) analysis of total costs. 1. 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May