I Data Table Physical Units Direct Conversion Costs $142,800 (Watches) Materials 60 Beginning work in process (May 1) $521,450 Started in May 2020 485 Completed during May 2020 455 Ending work in process (May 31) 90 Total costs added during May 2020 $3,832,000 Degree of completion: direct materials, 65%; conversion costs, 35%. bDegree of completion: direct materials, 70%; conversion costs, 40%. $1,551,000 The assembly division of Gannett Watches, 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 Costs Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Materials Costs Divide by Cost per equivalent unit