Q8 Swinn Company manufactures bicycles. It had work in process at the beginning and end of May 2017 in its Painting Department as follows: Percentage of Completion Direct Materials Conversion costs May 1 (3500 units) 40% 10% May 31 (2000 units) 80% 40% Swinn completed 35,000 units during May. Manufacturing costs incurred during May were direct materials costs of $176,320 and conversion costs of $312,625. Inventory at May 1 was carried at a cost of $26,155 (direct materials, $5,380 and conversion costs, $20,775) (Step 1) (Step 2) Equivalent Units Physical Units Direct Conversion materials costs Flow of Production Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending" (given) Accounted for Equivalent units of work done in current period Total Production Direct Conversion Total Direct Production Costs Conversion Costs Materials (Step 3) Work in process, beginning (given) Costs added in current period (given) Total costs to account for (Step 4) Costs added in current period Divide by equivalent units of work done in current period (Step 4) Costs added in current period Divide by equivalent units of work done in current period Cost per equivalent unit of work done in current period (Step 5) Assignment of costs: Completed and transferred out: Work in process, beginning Costs added to beg, work in process in current period Total from beginning inventory (Step 5) Assignment of costs: Completed and transferred out: Work in process, beginning Costs added to beg. work in process in current period Total from beginning inventory Started and completed Total costs of units completed & transferred out Work in process, ending Total costs accounted for