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, May Physical Percentage of units completion with
respect
to conversion
25,000 40% 30,000
55,000
35,000
20,000 80% 55,000
Direct material
$143,000 $165,000 $308,000
Equivalent units
Work in process, 1 May Units started during May
Units completed and transferred out during May Work in process, 31 May Total units accounted for
Work in process, 1 May Costs incurred during May Total costs to account for
Direct materials
35,000
20,000
Conversion
$474,700 $2,009,000 $2,483,700
Conversion
35,000
16,000
Total
$617,700 $2,174,000 $2,791,700
Required:
a) Complete the following process costing steps using the weighted average method:
i Calculation of equivalent units. 
ii Calculation of unit costs. 
iii Analysis of total costs. 
b) Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May.