PLEASE FILL IN THE REMAINING BLUE CELLS WITH AN EXPLANATION OF THE CALCULATIONS

	Total Production Costs	Direct Materials	Conversion Costs
Work in process, beginning	$602,458	$459,888	$142,570
Costs added in current period	$5,153,000	$3,237,000	$1,916,000
Total costs to account for	$5,755,458	$3,696,888	$2,058,570
Costs added in current period		$3,237,000	$1,916,000
Divide by: equivalent units of work done in current period		498	479
Cost per equivalent unit of work done in current period		$6,500	$4,000
Assignment of costs:
Completed and transferred out:
Work in process, beginning	$602,458	$459,888	$142,570
Costs added to beginning work in process in current period
Total from beginning inventory
Started and completed
Total costs of units completed and transferred out
Work in process, ending
Total costs accounted for

The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: Direct Materials $459,888 Conversion Costs $142,570 Physical Units (Watches) 100 510 450 160 $3,237,000 $1,916,000 Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 Degree of completion: Direct materials Conversion costs Degree of completion: Direct materials Conversion costs 80% 35% 80% 40% Equivalent Units Direct Conversion Materials Costs Flow of Production Completed and transferred out during current period From beginning work in process Started and completed Work in process, ending Equivalent units of work done in current period 20 350 128 498 65 350 64 479