Triangle Zipper Company 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 the following process costing steps using the weighted average method.
(a) Calculation of equivalent units.
(b) Calculation 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.

Production Report May Equivalent units Percentage of completion with respect to conversion Physical units Direct materials Conversion Work in process, 1 May Units started during May 25 000 40% 30 000 55 000 Units completed and transferred out during May 35 000 35 000 35 000 Work in process, 31 May 20 000 80% 20 000 16 000 55 000 Total units accounted for Direct material Conversion Total Work in process, 1 May Cost incurred during May $143 000 $ 474 700 617 700 $ 165 000 2 009 000 2174 000 Total costs to account for $308 000 $2 483 700 $2 791 700