Process Costing FIFO method, assigning costs The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2020: Beginning work in process (May 1) a Started in May 2020 Completed during May 2020 Ending work in process (May 31) b Total costs added during May 2020 Degree of completion: Direct materials Conversion costs Degree of completion: Direct materials Conversion 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 Physical Units (Watches) Direct Materials Conversion Costs 100 $459,888 $142,570 510 450 160 $3,237,000 $1,916,000 80% 35% 80% 40% Equivalent Units Conversion Direct Materials Costs 20 65 350 350 128 64 498 479 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirement Summarize the total costs to account for, calculate the 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.