The assembly division of Fenton 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 (0/1 Data table Beginning work in process (May 1) Started in May 2020 Completed during May 2020 Ending work in process (May 31) Total costs added during May 2020 Physical Units Direct Conversion (Watches) Materials Costs 100 $738,600 $71,250 525 480 145 $3,423,700 $1,625,600 *Degree of completion: direct materials, 85%; conversion costs, 30%. Degree of completion: direct materials, 80%; conversion costs, 40%. Flow of Production Completed and transferred out during current period: Equivalent Units Direct Conversion Materials Costs From beginning work in process 15 70 Started and completed 380 380 116 58 Work in process, ending 511 508 Equivalent units of work done in current period