Rigby Ltd 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 the process. The following is a partially completed production report for May.

Production report, MayPhysicalPercentage ofEquivalent unitsunitscompletion withDirectConversionrespectmaterialsto conversionWork in process, 1 May25,00040%Units started during May30,00055,000Units completed and35,00035,00035,000transferred out during MayWork in process, 31 May20,00080%20,00016,000Total units accounted for55,000Direct materialConversionTotalWork in process, 1 May$143,000$474,700$617,700Costs incurred during May$165,000$2,009,000$2,174,000Total costs to account for$308,000$2,483,700$2,791,700

Required:

1. Complete the following process costing steps using the weighted average method:

• Calculation of equivalent units.
• Calculation of unit costs.
• Analysis of total costs.

2. Prepare journal entry to record the transfer of the cost of goods completed and transferred out during May.