The assembly division of Gannett 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.) Requirement (Click the icon to view the equivalent unit computation.) 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. Reference Total Direct Conversion Production Costs Materials Costs Flow of Production Completed and transferred out during current period: Equivalent Units Direct Conversion Materials Costs From beginning work in process 5 60 Started and completed 367 367 66 42 Work in process, ending 438 469 Equivalent units of work done in current period Print Done Data table Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31)b Total costs added during May 2017 a Physical Units (Watches) 100 Direct Materials $549,300 Conversion Costs $96,800 487 467 120 $3,460,200 $1,782,200 * Degree of completion: direct materials, 95%; conversion costs, 40%. Degree of completion: direct materials, 55%; conversion costs, 35%. Print Done Clear all Check an