Question 2 Total 24 marks Birmingham Ltd makes childrens' hats in a single processing department. Direct materials are added at the beginning of production and conversion costs are added evenly throughout the production process. The company uses the weighted-average method of process costing. The following information for May 2021 is available. Percent Complete Physical units Materials Conversion 12,000 100% 80% 48,000 Work in process, May 1 Units started during May Units completed and transferred out during May Work in process, May 31 55,000 5,000 100% 30% Total Direct Materials Conversion Work in process, May 1 Costs incurred during May $5,760 $25,440 $14,825 $58,625 Required (show your working in a tabular format): Using weighted average process costing, complete the following requirements: (a) Determine the equivalent units for May. (6 marks) (b) Compute the costs per equivalent unit. (6 marks) (c) Compute the cost of goods completed and transferred out during May (4 marks) (d) Compute the cost remaining in the work in process inventory on May 31. (6 marks) (e) Prepare a journal entry to record the transfer of the cost of goods completed (2 marks) and transferred out