The assembly division of Quality Time Pieces, 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.)RequirementSummarize 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-processinventory.Begin by summarizing total costs to account for.Total costs to account forTotalProduction CostsDirectMaterialsConversionCostsData tableBeginning work in process (May 1)ªStarted in May 2020Completed during May 2020Ending work in process (May 31)Total costs added during May 2020Physical Units Direct Conversion(Watches) Materials Costs$459,888 $142,570100510450160Printa Degree of completion: direct materials, 80%; conversion costs, 35%.bDegree of completion: direct materials, 80%; conversion costs, 40%.$3,237,000 $1,916,000Done ReferenceFlow of ProductionCompleted and transferred out during current period:From beginning work in processStarted and completedWork in process, endingEquivalent units of work done in current periodEquivalent UnitsDirect ConversionMaterialsCosts20350128498-6535064479X

Name: The assembly division of Quality Time Pieces, Inc. uses the FIFO meth
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The assembly division of Quality Time Pieces, 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.)RequirementSummarize tota