A manufacturer uses process costing. It has one direct material cost pool and one conversion cost pool. Information for the month is as follows: Beginning of Month End of Month Work in process: 20,000 units 8,000 units Conversion (% of completion in WIP): 35% 65% Costs of Materials in WIP: $ 81,000 ? Costs of Conversion in WIP: $115,000 ? During the month: Units started during the month: 69,000 units Costs incurred for Materials: $300,000 Costs incurred for Conversion: $270,000 Total Spoiled Units detected: 4,398 units Other Income Statement Information: Sales: $920,000 Admin expenses $200,000 92% of direct materials is added at the beginning of the process, and the remaining 8% of direct materials (for packaging) is added immediately after inspection. Inspection occurs when units are 75% converted, and inspection determines if the units are acceptable or spoiled. Normal Spoilage is based on 6% of units started. There were no finished goods or raw material inventories at any point of the process. Required: Part A: Prepare an Income Statement for the month and show the value of ending inventory, assuming that inventory is based on modified FIFO, Part B: Prepare an Income Statement for the month and show the value of ending inventory, assuming that inventory is based on Weighted Average. (you can omit the company name and period from the income statement)