Question 4, E17-22 (similar to) The assembly division of Gannett Watches, Inc., uses the FIFO method of process costing. Consider the following data for the month of May 2014: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) 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. Begin by summarizing the total costs to account for. Reference - X Total Direct Conversion Production Costs Materials Costs Equivalent Units Direct Conversion Total costs to account for Flow of Production Materials Costs Completed and transferred out during current period From beginning work in process 21 39 Data Table - X Started and completed 395 395 63 36 Work in process, ending 479 470 Equivalent units of work done in current period Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1) 60 $521,450 $142,800 Print Done Started in May 2014 485 Completed during May 2014 455 Ending work in process (May 31)b 90 C Total costs added during May 2014 $3,832,000 $1,551,000 Degree of completion: direct materials, 65%; conversion costs, 35%. 3 Degree of completion: direct materials, 70%; conversion costs, 40%. Clear All