Griffin Watches, Inc., makes watches. Its assembly department started the accounting period with a beginning inventory balance of $34,000. During the accounting period, the department incurred $48,000 of transferred-in cost, $31,000 of materials cost, $60,000 of labor cost, and $67,000 of applied overhead cost. The department processed 6,000 total equivalent units of product during the accounting period.

Required
(Each requirement is independent of the others.)
a. Assuming that 1,200 equivalent units of product were in the ending work in process inventory, determine the amount of cost transferred out of the Work in Process Inventory account of the assembly department to the Finished Goods Inventory account. What was the assembly department’s cost of ending work in process inventory?
b. Assuming that 5,600 units of product were transferred out of the assembly department’s work in process inventory to finished goods inventory, determine the amount of the assembly department’s cost of ending work in process inventory. What was the cost of the finished goods inventory transferred out of the assembly department?