The assembly division of Gannett Watches, Inc. uses the weighted average method of process costing. Consider the following data for May 2020 Begin by summarizing total costs to account for Conversion Total Production Costs Direct Materials Costs Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Costs Materials Divide by Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending work-in-process inventory Total Direct Conversion Production Costs Materials Costs Completed and transferred out Work in process, ending Total costs accounted for X Reference Equivalent Units Direct Conversion Physical Units Materials Costs 467 467 467 120 Flow of Production Completed and transferred out during current period Work in process, ending Accounted for Work done to date 66 42 587 533 509 Print Done Data Table Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1) 82 $549,300 $96,550 Started in May 2020 505 Completed during May 2020 467 120 Ending work in process (May 31) Total costs added during May 2020 $3,235,000 $1,405,000 Degree of completion: direct materials, 80%; conversion costs, 35%. "Degree of completion: direct materials, 55%; conversion costs, 35%. Print Done