STEP 3 S5-7 Summarize total costs to account for (process costing Step 3) (Learning Objective 3) Macintyre Company's Work in Process Inventory account had a $68,000 beginning balance on May 1 ($43,000 of this related to direct materials used during April, while $25,000 related to conversion costs incurred during Apri). During May, the following costs were incurred in the department: .$103,000 12,000 $150,000 Manufacturing overhead allocated to the department.. ... Summarize the department's "Total costs to account for." Prepare a schedule that summarizes the department's total costs to account for by direct materials and conversion costs Direct Materials Conversion Costs Total Beginning work in process, May 1 Costs added during May: Total costs to account for 21 STEP 4: COMPUTE THE COST PER EQUIVALENT UNIT-EXHIBIT 5-8 Sea View Shaping Department Month Ended October 31 Step 4: Cost per Equivalent Unit Direct Materials Conversion Costs 2 Total costs to account for (from Step 3) 3 Divided by: Total equivalent units (from Step 2) 4 Cost per equivalent unit 40,000S68,00 Step 2 Sea View Shaping Department Month Ended October 31 Step 1: Flow of Physical Direct Step 2: Equivalent Units Conversion Mat 4 Beginning work in process, October1 5 Plus: 6 Total physical units to account for Started in production during October 50,000 0,000 8 Units accounted for: 9 Completed and transferred out during October 10 Plus: Ending work in process, October 31 11 Total physical units accounted for 12 Total equivalent units 13 40,000 10,000 40,000 40,000 500 0,000