The assembly division of Walton Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: E: (Click the loon 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. i Data Table Work in process, beginning Total Direct Conversion Production Costs Materials Costs 538 s 249.750 S 64,500 433 234B250 1187100 981 2598000 1251600 Costs added in current period Total costs to account for Physical Units Direct Conversion (Watches) Materials Costs 60 Beginning work in process (May 1, $249,750 $64,500 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 $1,251,600 Degree of completion direct materials, 60%; conversion costs 25% Degree of completion direct materials, 40%; conversion costs 20% 0 Reference Equivalent Units Direct Conversion Print Done Materials Costa Flow of Production Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending 12 45 383 383 38 19 Chad 433 447 ? Equivalent units of work done in current period 3 Clear All Final Check Print Done