Process Costing: Average Costing Method and Two Time Periods Corporation produces a ine of beverage lids. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that were needed before the company purchased the automated machinery. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Operating data for May and June follow May June Beginning work in process inventory: Units (May: 40% complete) Direct materials Conversion costs 220,000 3,440 $6,480 $400 $420 Production during the month: Units started Direct materials Conversion costs 24,000,000 31,000,000 $93,200 $92,796 $45,000 $66,000 Ending work in process inventory Units (May: 70% complete; June: 60% complete) 00,000 320,000 i. Using the average costing method, prepare a process .cost report for May. Por per unit amounts, round to three decimal places. For the percentages, do not enter the percent sign. For example, 60% would be entered as 60 Top Corporation