The assembly division of Gannett Watches, Inc uses the FIFO method of process costing. Consider the following data for the month of May 2017 (Click the icon to view the data) (Cick 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 wow Divide by Cost per equivalent unt Total costs to account for Next, calculate cost per equivalent unt for direct materials and conversion costs Direct Materials Completed and transferred out Total Production Costs Total from beginning inventory Finally, assign total costs to units completed (and transfered out) and to units in ending work in process (WIP) Elegin by calculating the total from beginning inventory, then calculate the total costs accou Total Direct Production Costs Materials Total costs of units completed and transferred out Type here to search Direct Materials - 77 Total costs accounted for Choose from any list or enter any number in the input fields and then continue to the next question Conversion Costs Conversion Costs 2 E Conversion Costs M P). Beg rsion ts i Data Table Beginning work in process (May 1)* Started in May 2017 Completed during May 2017 Ending work in process (May 31)b Total costs added during May 2017 Physical Units (Watches) 100 487 467 120 Print Direct Materials $549,300 Done 4 Degree of completion: direct materials, 95%; conversion costs, 40%. Degree of completion: direct materials, 55%; conversion costs, 35%. - X Conversion Costs $71,250 $3,460,200 $1,782,200 Beg on Reference 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 Print Done -X Equivalent Units Direct Conversion Materials Costs 5 367 66 438 60 367 42 469