Continuation of 17-28. Refer to the information in Exercise 17-26. Suppose the Assembly Division at Fenton Watches Inc. uses the FIFO method of process costing instead of the weighted-average method.
In Exercise 17-26.

Degree of completion: direct materials, 90%; conversion costs, 40%.
€ Degree of completion: direct materials, 60%; conversion costs, 30%.
REQUIRED
For the data in Exercise 17-26, use the FIFO method to summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending work in process.

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Direct Conversion Physical Units Materials Costs Beinnng work in process (May1) Started in May 2012 Completed during May 2012 Ending work in process (May 31) Costs added during May 2012 S 493,360 S 91,040 80 500 460 120 S3,220,000 S1,392,000