du Questions 1-4 are based on the following data for the second process of a three-stage production process Inventory in process, May 1, 50% completed 10 units Transferred into process in May 80 units Completed and transferred out of process in May 70 units Inventory in process, May 31, 25% completed 20 units May I inventory costs: Transferred in costs $ 1,280 Conversion costs 640 Current costs charged in May: Transferred-in costs 9,600 Conversion costs 5.600 Total costs to account for $ 17,120 No new materials are added in process #2 1. (6 points) a. When was the $640 incurred? () in May (ii) prior to May b. How many units are associated with the $640? (1) 10 units (li) 80 units 2. (8 points) Compute the cost per equivalent unit for transferred-in costs and conversion costs using the weighted average method? 3. (8 points) Suppose the firm uses a standard cost system with standards: Process 1 Process 2 Process 3 Direct Materials 50/equivalent unit $17/equivalent unit Conversion costs $70/equivalent unit $84/equivalent unit $33/equivalent unit Compute the standard cost of the units transferred out of Process 2 for May. (8 points) Use the FIFO method to compute the cost of work transferred out in May