18-20 (book/static) Consider the following data for November 2014 from Gray Manufacturing Company, which makes silk pennants and uses a process costing system. All direct materials are completion of the process. Spoiled units are disposed of at zero net disposal value. Gray Manufacturing Company uses the FIFO method of process costing instead of the (Click the icon to view the data ) (Click the icon to view the equivalent unit computation) Requirement Summarize 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 Begin by summarizing the total costs to account for Total Direct Conversion Production Costs Materials Costs Total costs to account for 1 Data Table Physical U Pennants 1,000 Work in process, November 1 Started in November 2014 Good units completed and transferred out during November 2014 Normal spoilage Abnormal spoilage Work in process, November 30 Total costs added during November 2014 Degree of completion: direct materials, 100%, conversion costs, 5 Degree of completion drect materih, 100%, conversion costs, 3 9,000 100 50 2,000 PrintDone