The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion costs uniformly throughout the process. During May, $200,000 of materials costs and $95,000 in conversion costs were charged to the department. The beginning work in process inventory was $63,000 on May 1, comprised of $40,000 of materials and costs and $23,000 of conversion costs. The company employs the FIFO method of process costing.

Other data for the month is as follows:

Beginning work in process inventory 5/1 -- 25,000 units (40% complete)

Units completed and transferred out -- 50,000 units

Ending work in process inventory 5/31 -- 30,000 units (30% complete)

1. How many physical units have to be accounted for in May?

2. What are the equivalent units of production for materials and for conversion costs for the month of May?

3. What is the total cost assigned to the 50,000 units that were transferred out of the process in May?

4. What is the total cost of the May 31 inventory?