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Question Help The assembly division of Gannett Watches, Inc., uses the FIFO method of process costing. Consider the following data for the month of May 2014: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Data Table - X Requirement Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and trat Materials Costs Physical Units Direct Conversion Costs added in current period $ 3,832,000 $ 1,551,000 (Watches) Materials Costs 60 Divide by equivalent units of work done in current period 479 470 Beginning work in process (May 1) $521,450 $142,800 Started in May 2014 485 Cost per equivalent unit $ 8,000 S 3.300 Completed during May 2014 455 Ending work in process (May 31) 90 Finally assign total costs to units completed (and transferred out) and to units in ending work in process (WIP). Begin by calculating the total from beginning inventory Total costs added during May 2014 $3,832,000 $1,551,000 Degree of completion: direct materials, 05%; conversion costs, 35% Total Direct Conversion "Degree of completion: direct materials, 70%; conversion costs, 40% Production Costs Materials Costs Completed and transferred out: Reference . X Done Costs added to beginning WIP in current period S 296,700 S 168,000 S 128,700 Work in process, beginning 664,250 521,450 142,800 Total from beginning inventory 960,950 Equivalent Units Started and completed 4.463,500 Direct Conversion Total costs of units completed and transferred out Flow of Production Materials Costs Work in process, ending 504,000 118,800 Completed and transferred out during current period: Total costs accounted for 622800 From beginning work in process 21 39 Started and completed 395 395 Choose from any list or enter any number in the input fields and then click Check Answer. 63 36 Work in process, ending 479 470 All parts showing Equivalent units of work done in current period Final Check 4:46 PM