IV. Information for the Nichols Manufacturing Company for the month of May is as follows: (worth 45 points) Beginning work in process: Units, 800 Direct materials, 100% complete Conversion costs, 70% complete I Units started in May, 14,000 Ending work in process inventory: Units 1,500 Direct materials, 100% complete Conversion costs, 30% complete Units started and completed 12,500 units Cost of Inventory in process $5,010 May 1 Costs Charged to Work In Process during May Direct Materials costs $57,400 Direct Labor Costs $20,049 Factory overhead costs $30,073 Using the FIFO method you will need to prepare Equivalent units and cost per equivalent units