Required: 1. Calculate the unit cost for May, using the weighted average method (Step 3) 2. Calculate the cost of goods transferred out and the cost of EwIP (Step 4). Also, reconcile the costs assigned with the costs to account for (Step 5). 3. What if you were asked to show that the weighted average unit cost for materials is the blend of the April unit materials cost and the May unit materials cost? From Cornerstone 6.8, we know that the April unit materials cost is $0.10 and the May unit materials cost is $0.18. The equivalent units in BwIP are 15,000, and the FIFO equivalent units are 105,000. Calculate the weighted average unit materials cost using weights defined as the proportion of total units completed from each source (BWIP output and current output) Solution: l. Step 3: Unit cost Unit materials cost Unit conversion cost $0.17 $0.05 $0.22 per ounce 2. Step 4: Valuation of Inventories units Using unit cost information and the information from the equivalent schedule (Step 2 of Cornerstone 6.9):