The assembly division of Canterbury 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.) (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. Total Direct Conversion Production Costs Materials Costs - X Data table Work in process, beginning Costs added in current period Total costs to account for Conversion Costs $96,800 Physical Units Direct (Watches) Materials 80 Beginning work in process (May 1) $493,360 Started in May 2017 500 Completed during May 2017 460 Ending work in process (May 31) 120 Total costs added during May 2017 $3,220,000 Degree of completion direct materials, 90%; conversion costs, 40%. Degree of completion: direct materials, 60%; conversion costs, 30% Reference $1,392,000 Equivalent Units Direct Conversion Materials Costs Print Done 8 48 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 380 72 380 36 460 464 Print Done