Problem III - Production Cost Report 20 Points 20 Minutes Langston Cycle Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly during the process. Production and cost data for the month of May 2020 are as follows. Production Data - Bicycles & Tricycles Work in process units, May 1 Units started in production Work in process units, May 31 Units Percent Complete 2,000 90% 2,500 1.800 25% Cost Data - Bicycles & Tricycles Work in process, May 1 Materials Conversion Costs Direct materials Direct labor Manufacturing overhead $ 18,000 22.000 $ 40,000 90,000 46,000 $240.300 Instructions: 1) Compute the physical units of production 2) Compute equivalent units of production for materials and for conversion costs. 3) Determine the unit costs of production for materials, conversion costs, and total costs 4) Show the assignment of costs to units completed and transferred and for ending work in process inventory. Show all calculations. Round units to the nearest whole number. Round cost to the nearest cent. DO