A manufacturer uses process costing. It has one direct material cost pool and one conversion cost pool. Information for the month is as follows: Work in process: Conversion (% of completion in WIP): Costs of Materials in WIP: Costs of Conversion in WIP: During the month: Units started during the month: Costs incurred for Materials: Costs incurred for Conversion: Total Spoiled Units detected: Beginning of Month 6,000 units 40% $90,000 $ 80,000 32,000 units $410,000 $300,000 1,150 units Other Income Statement Information: Sales: Admin expenses $900,000 $100,000 End of Month 6,000 units 60% 22 Inspection occurs when units are 80% converted, and inspection determines if the units are "acceptable" or "spoiled". Normal Spoilage is based on 2% of units started. 70% of direct materials are added at the beginning of the process, 26% of direct materials (for packaging) are added immediately after inspection, and the remaining 4% (for labelling) are added at the very end of the process. There were no finished goods or raw material inventories at any point of the process. Required: Part A: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that process costing is based on modified FIFO, Part B: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that process costing is based on Weighted Average. (you can omit the company name and period from the income statement)