The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020 : (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize total costs to account for calculate 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 inventory. . - X Reference Begin by summarizing total costs to account for. Total Direct Conversion Production Costs Materials Costs Equivalent Units Direct Conversion Materials Costs Flow of Production Costs added in current period Work in process, beginning 20 65 Total costs to account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Equivalent units of work done in current period 350 350 128 64 - X Data table 498 479 Print Done Physical Units Direct Conversion (Watches) Materials Costs 100 Beginning work in process (May 1) $459,888 $142,570 Started in May 2020 510 Completed during May 2020 450 Ending work in process (May 31) 160 Total costs added during May 2020 $3,237,000 $1,916,000 Degree of completion direct materials, 80%; conversion costs, 35% Degree of completion direct materials, 80%; conversion costs, 40%