17-28	FIFO METHOD, EQUIVALENT UNITS
	Refer to the information in Exercise 17-26. Suppose the assemble division at Fenton Watches Inc. uses the FIFO method of process costing instead of the weighted-average method.
						Physical Units		Direct Materials		Conversion Costs
	Beginning work in process (May 1)*					80		$493,360		$91,040
	Started in May 2018					500
	Completed during May 2018					460
	Ending work in process (May 31)^					120
	Costs added during May 2018							$3,220,000		$1,392,000
	*Degree of completion: direct materials, 90%; conversion costs, 50%
	^Degree of completion: direct materials, 60%; conversion costs, 30%
	Required
	Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
17-29	FIFO METHOD, ASSIGNING COSTS
	(CONTINUATION OF EXERCISE 17-28)
	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.