ABC Company is a manufacturing company that produces biscuits covered with chocolates. The company has two stages; manufacturing stage where they add the biscuits at the beginning of the production. Then, they add chocolate when the production is ready by 60%. Second stage is the packaging stage where DM is added at the beginning of the process. The following is data of production and costs for both stages for Jan 2020 period:

Data	Units	Biscuits	Chocolate	CC
Beginning inventory (70%)	120,000	$18,000	$30,000	$8,400
Added units	600,000	$96,000	$132,000	64,620
Ending Inventory (35%)	150,000

 

Data	Units	DM	CC	Transferred C
Beginning inventory (50%)	75,000	$11,250	$3,000	$36,000
Added units		$91,200	$52,875
Ending Inventory (60%)	50,000

 

Required:

1. Prepare the stage report for the manufacturing and Packaging stages using, a) WA, and B) FIFO
2. Journalize the required entry to transfer the completed units and prepare the ledger of the manufacturing stage and Packaging stage.