Carver Inc.uses the weighted-average method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. 
Required:
Using the weighted-average method,determine the equivalent units of production for materials and conversion costs.
Definitions:
Economic Benefit
An increase in the value of an asset or a reduction in liabilities, contributing to an improvement in the financial position of an entity.
Present Obligation
An existing duty or responsibility that an entity is required to fulfill in the future.
PVIF
Present Value Interest Factor, a factor used to calculate the present value of a sum of money to be received in the future.
Present Value Factors
Numerical factors used in the calculation of the present value of future cash flows, considering the time value of money.
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