Question 4 - Process costing Percent Completed Materials Conversion 100% 25% No of units 2,500 7500 10,000 2,500 Work-in-process inventory (WIP), May 1 Started during May Units to account for Units from beginning WIP which were completed and transferred out during May Started and completed during May WIP inventory, May 31 Total units accounted for 6,000 ???? 100% 50% 10,000 The following cost data are available: Work-in-process inventory, May 1 Direct materials $ 47,000 Conversion 66,560 Costs incurred during May Direct materials 114,900 Conversion 188,000 Required: 1. 2. Calculate the number of units in WIP at the end of the month. Calculate equivalent units of direct materials and conversion during May. Use the weighted average method. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the weighted average method. 3