K The assembly division of Marzollo Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. Begin by summarizing total costs to account for Costs added in current period Costs incurred to date Total Direct Conversion Production Costs Materials Costs Equivalent units of work done in current period Work in process, beginning Work in process, ending (Click the icon to view the equivalent unit computation.) The assembly division of Marzollo Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020 (Click the icon to view the data.) Requirement Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. Begin by summarizing total costs to account for Total costs to account for Total Direct Conversion Production Costs Materials Costs uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the equivalent unit computation.) per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) an Total Data table Production Costs Physical Units (Watches) Direct Conversion Beginning work in process (May 1) 100 Materials $464,000 $114,350 Costs Started in May 2020 510 Completed during May 2020 450 Ending work in process (May 31) 160 Total costs added during May 2020 Degree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 80 % : conversion costs, 40%. $3,237,000 $1,916,000 Print Done of Marzollo Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May view the data.) (Click the icon to view the equivalent unit computation.) ts to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to ent Reference - X ing Flow of Production Completed and transferred out during current period: Equivalent Units Direct Conversion Materials Costs From beginning work in process 20 20 65 59 count Started and completed 350 350 128 64 Work in process, ending 498 479 Equivalent units of work done in current period Print Done