The assembly division of Canterbury Watches, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: Click the icon to view the data.) Requirement (Click the icon to view the equivalent unit computation.) Summarize total costs to account for, calculate 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 inventory. Begin by summarizing total costs to account for. Total costs to account for Total Production Costs Direct Materials Conversion Costs Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Materials Conversion Costs Divide by Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending work in process (WIP) inventory. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. Completed and transferred out Total from beginning inventory Total costs of units completed and transferred out Total costs accounted for Total Direct Conversion Production Costs Materials Costs