The assembly division of Marzollo Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017:

	Physical Units (Watches)	Direct Materials	Conversion Costs
Beginning work in process (May 1)a.	60	$521,450	$79,900
Started in May 2017	485
Completed during May 2017	455
Ending work in process (May 31)b.	90
Total costs added during May 2017		$3,832,000	$1,551,000
a. Degree of completion: direct materials, 65%, conversion costs, 35%
b. Degree of completion: direct materials, 70%, conversion costs, 40%

Equivalent units

Flow of Production	Direct Materials	Conversion Costs
Completed and transferred out during current period:
From beginning work in process	21	39
Started and completed	395	395
Work in process, ending	63	36
Equivalent units of work done in current period	479	470

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
Total costs to account for