E5.27 LO 5.2 5.3 Weighted average cost and FIFO: manufacturer Natural Fibres Ltd manufactures natural fabrics for the clothing industry. The following data relate to the weaving department for December: Weighted average FIFO Total equivalent units of direct material 60000 40000 Total equivalent units of conversion 52000 44000 Units completed and transferred out during December 50000 50000 The cost data for December were as follows: Work in process 1 December: Direct material Conversion Costs Incurred during December: Direct material Conversion $ 376000 177600 $ 656000 1091200 There were 20000 units in process in the weaving department on 1 December (100 per cent complete as to direct material and 40 per cent complete as to conversion). Required 1. Calculate each of the following amounts using weighted average process costing:

(a) cost of goods completed and transferred out of the weaving department during December

(b) cost of the 31 December work in process inventory in the weaving department. 2. Repeat requirement 1 using the FIFO method.