The assembly division of Walton 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. Begin by summarizing total costs to account for. Total Direct Conversion Production Costs Materials $ 314.250 $ 249,750 S Costs 84,500 Work in process, beginning Costs added in current period 3,849,600 2,598,000 1,251,600 1,316,100 $ Total costs to account for 4,163,850 $ 2,847,750 S Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Materials Costs Costs added in current period $ 2,598,000 $ 1,251,600 433 Divide by equivalent units of work done in current period 447 Cost per equivalent unit $ 6,000 $ 2,800 Finally, assign total costs to units completed (and transferred out) and to units in ending work in process (WIP) inventory. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. Total Direct Conversion Production Costs Materials Costs Choose from any list or enter any number in the input fields and then click Check Answer. Finally, assign total costs to units completed (and transferred out) and to units in ending work in process (WIP) inventory. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. Total Direct Conversion Production Costs Materials Costs Completed and transferred out: Work in process, beginning Costs added to beginning WIP in current period Total from beginning inventory Choose from any list or enter any number in the input fields and then click Check Answer. ? 1 part Clear All Check Answer remaining i Data Table Conversion Costs $64,500 Physical Units Direct (Watches) Materials Beginning work in process (May 1) 60 $249,750 Started in May 2020 478 Completed during May 2020 443 Ending work in process (May 31) 95 Total costs added during May 2020 $2,598,000 a Degree of completion: direct materials, 80%; conversion costs, 25%. bDegree of completion: direct materials, 40%; conversion costs, 20%. $1,251,600 un Print Done i Reference Equivalent Units Direct Conversion Materials Costs Flow of Production Completed and transferred out during current period: From beginning work in process Started and completed 12 45 383 383 38 19 Work in process, ending 433 447 Equivalent units of work done in current period Print Done