The assembly division of Fenton 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 $ 601,350 $ 521,450 $ 79.900 5,383.000 3,832,000 1,551,000 Work in process, beginning Costs added in current period $ 5.984,350 $ 4,353,450 $ 1,630.900 Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Materials Costs Divide by Cost per equivalent unit - X Data table Reference Conversion Costs $79,900 Equivalent Units Direct Conversion Materials Costs Flow of Production Physical Units Direct (Watches) Materials 60 Beginning work in process (May 1) $521,450 Started in May 2017 485 Completed during May 2017 455 Ending work in process (May 31) 90 Total costs added during May 2017 $3,832.000 Degree of completion: direct materials, 65%; conversion costs, 35%. Degree of completion direct materials, 70%; conversion costs, 40% 21 39 $1,551,000 Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending 395 395 36 63 479 470 Equivalent units of work done in current period Print Done Print Done