The assembly division of Fenton Watches, Inc., uses the weighted average method of process costing. Consider the following data for the month of May 2014:

Physical Units Direct Materials Conversion Costs

Beginning WIP (May 1) 80 $493,360 $91,040

Started in May 2014 500

Completed during May 2014 460

Ending WIP (May 31) 120

Total cost added during May 2014 $3,220,000 $1,392,000

Suppose the assembly division at Fenton Watches, Inc., uses the FIFO method of process costing instead of weighted average method. Complete equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Then, use FIFO method to 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.