2. Answer questions below, given the following information Physical Units (Watches) Direct Materials Conversion Costs Beginning work in process (May 1) a 80 $ 493,360 $ 91,040 Started in May 2012 500 Completed during May 2012 460 Ending work in process (May 31)b 120 Total costs added during May 2012 $3,220,000 $1,392,000 "Degree of completion: direct materials, 90%; conversion costs, 40%. Degree of completion: direct materials, 60%; conversion costs, 30%. a) Use weighted-average method to summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending WIP b) Use FIFO method to summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending WIP