2. Process Casting (12 Marks) Halifax Salt company process salt and accounts for production using weighted average process costing method. Direct material is added at the start of production but labour and overhead costs are incurred evenly throughout. The following data pertain to operations for February Beginning WIP (75% complete) 8.000 kg Started in February 200.000 kg Ending WIP (25% complete) 20,000 kg The cost information is provided below: Beginning WIP Incurred in February Direct material $4.000 $48,000 Conversion $2,282 $20,878 Required: Calculate the cost transferred out to finished goods inventory and the value of the ending WIP