Triangle Fastener Corporation 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. A partially completed production report for the month of May follows.

Required:
1. Complete each of the following process-costing steps using the weighted-average method:
a. Calculation of equivalent units.
b. Computation of unit costs.
c. Analysis of total costs.
2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May.

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Production Report For the Month of May Percentage Equivalent Units Completion Physical with Respect Direct Work in process, May Unils started during May Total unils to account for Units completed and transferred out during May Work in process, May 31 Total units accounted for .. Units to Conversion Material Conversion 25,000 40% 30,000 55,000 35,000 35,000 35,000 20,000 16,000 20,000 80% Direct Material Conversion Total $143,000 474,700 617,700 2,009,000 Work in process, May 1.. Costs incurred during May Total costs to account for. 165,000 $308,000 $%2,483,700 $2,791,700