Oreo Manufacturing uses a process costing system. The following information pertains to operations for the month of May 2020: Units Beginning work in process inventory, May 1 80,000 Started in production during May 450,000 Completed production during May 400,000 Ending work in process inventory, May 31 130,000 The beginning inventory was 60% complete for materials and 30% complete for conversion costs. The ending inventory was 75% complete for materials and 50% nplete for conversion costs. Costs rtaining to the month of May are as follows: The beginning inventory costs are: materials, $50,000; direct labor, $18,000; and manufacturing overhead, $20,000. Costs incurred during May are: materials used, $449,500; direct labor, $185,000; and manufacturing overhead, $476,500. 1. Using the weighted average method, calculate the equivalent units of production for materials and explain what it means. (Show your work.) (10 points) 2. Using the FIFO method, allocate the total product costs (i.e., materials + conversion) between goods completed and ending work-in-process inventory. (Show your work. If needed, round your answers to the nearest dollar.) (20 points)