The following data pertain to the Hercules Tire and Rubber Company for the month of May. Work in process, May 1 (in units) Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 (in units) Total equivalent units: direct material Total equivalent units: conversion Work in process, May 1: direct material ? 60,000 75,000 ? 10,000 75,000 ? $ 135,000 ? Work in process, May 1: conversion Costs incurred during May: direct material Costs incurred during May: conversion Work in process, May 1: total cost Total costs incurred during May Total costs to account for Cost per equivalent unit: direct material Cost per equivalent unit: conversion Total cost per equivalent unit ? 832,250 172,500 1,402,250 1,574,750 9.40 ? 21.65 ? ? Cost remaining in ending work-in-process inventory: conversion Total cost of May 31 work in process 73,500 167,500 Cost of goods completed and transferred out during May Cost remaining in ending work-in-process inventory: direct material Additional Information: a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. b. Hercules uses weighted-average process costing. c. The May 1 work in process was 20 percent complete as to conversion. d. The May 31 work in process was 60 percent complete as to conversion.