Product cost report—weighted average methodreston manufacturing corporation produces a cosmetic product in three consecutive processes. the costs of department 1 for may 2016 were as follows: cost of beginning inventorydirect material $19,600conversion costs 33,180costs added in department 1direct material $590,800 direct labor 597,100 manufacturing overhead 406,260 1,594,160department 1 handled the following units during may: units in process, may 1 2,000units started in department 1 40,000units transferred to department 2 39,000units in process, may 31 3,000on average, the may 1 units were 30% complete. the may 31 units were 60% complete. materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in department 1. reston uses the weighted average method for process costing. requiredprepare the product cost report for department 1 for may. round average cost per equivalent unit to four decimal places. use rounded answers for subsequent calculations. round other answers to the nearest whole number. reston manufacturing corporation department 1flow of units and equivalent units calculations, may 2016equivalent units% workdone directmaterials % workdone conversioncosts complete/transferred answer answer % answer answer % answer ending inventory answer answer % answer answer % answer total answer answer answer product cost reportdirectmaterials conversioncosts beginning inventory $answer $answer $answer current answer answer answer total costs to account for $answer $answer $answer ÷ total equivalent units answer answer average cost / equivalent unit (round four decimal places) $answer $answer complete / transferred: direct materials $answer conversion costs answer cost of goods manufactured $answer ending inventory: direct materials $answerconversion costs answer cost of ending inventory $answer total costs allocated $answer