Information for the Nichols Manufacturing Company for the month of May is as follows: Cost of Inventory at process, May 1 $5,010 Beginning work in process: Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Ending work in process inventory: Units, 1,500 Direct materials, 100% complete Conversion costs, 30% complete Costs charged to Work in Process during May : Direct materials costs, $57,400 Direct labor costs, $20,049 Factory overhead costs, $30,073 Prepare a cost of production report for the month of May, using the FIFO method. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "O". Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31 Equivalent Units Direct Materials UNITS Whole Units Conversion Beginning work in process, (70% complete) Units started & completed Ending work in process (30% complete) Costs COSTS Direct Materials Conversion Total Unit costs: Total cost for May Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for in May Costs allocated to completed and partially completed units: Inventory in process, May 1- balance To complete inventory in process, May 1 Started and completed in May Transferred to finished goods, in May Inventory in process, May 31 Total costs accounted for in May