Questions 1-4 are based on the following data for the second process of a three-stage production process: Inventory in process, May 1, 50% completed Transferred into process in May Completed and transferred out of process in May Inventory in process, May 31, 25% completed 10 units 80 units 70 units 20 units $ 1.280 640 May 1 inventory costs: Transferred in costs Conversion costs Current costs charged in May. Transferred-in costs Conversion costs Total costs to account for No new materials are added in process #2 9,600 5,600 $ 17.120 1. (6 points) a. When was the $640 incurred? b. How many units are associated with the $640? () in May (11) prior to May (1) 10 units (11) 80 units 2. (8 points) Compute the cost per equivalent unit for transferred-in costs and conversion costs using the weighted average method? 3. (8 points) Suppose the firm uses a standard cost system with standards: Process 1 Process 2 Direct Materials $50/equivalent unit Conversion costs $70/equivalent unit $84/equivalent unit Process 3 $17/equivalent unit $33/equivalent unit Compute the standard cost of the units transferred out of Process 2 for May. (8 points)_Use the FIFO method to compute the cost of work transferred out in May