Answer:
For complete understanding lets first make EPU (Equivalent Production Unit)
                                                              Direct Material     Conversion
Units completed &transferred out         6,800                      6,800
Closing WIP                                               500                        100(500*20%)
Total units                                                7,300                       6,900
Closing WIP units = Opening WIP +During the year - units completed
                               = 700                 +     6,600           - 6,800
                               =500 units
On the basis of weighted average method following will be cost per unit:
Total Direct material cost/unit = (70,000 + 633,600)/7,300  = 96.3835
Total conversion cost/unit =(4,410+53,520+80,280(53,520*150%))/6,900=20.0304
Therefore, following would be the entries
WIP                      767,400
Material                               633,600
Conversion                          133.800 (53,520+80,280)
Finished goods    791,615 (96.3838+20.0304)*6,800
WIP                                        791,615
Working for closing unit
Material (500*96.3835) = 48,191
Conversion (500*20%*20.0304) = 2003.043