Acorn Furniture uses a process cost system to account for its table factory. Beginning inventory consisted of 4,500 units (100% complete as to material, 45% complete as to labor) with a cost of $138,500 materials and $107,200 conversion. 62,000 units were started into production during the month with material costs of $1,845,000 and $2,481,375 of conversion costs. The ending inventory of 5,200 chairs was 100% complete as to materials and 30% complete as to labor. Required: HINT: Use the excel template "Equivalent Units of Production to help you. Part 1: Using the weighted average costing method: a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance. Part 2: Using the FIFO (first-in-first out method): a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance. * Production Cost Report A E F G H 1 2 3 B C D Production Cost Report Weighted Average Method 4 Physical Units % of Completion Materials Conversion 5 6 Units to be accounted for: Units in beginning WIP inventory Units started during the period Total units to be accounted for 7 8 0 9 Physical Units % of Completion Materials Conversion 14 0 Materials -0 Physical Units -0 -0 -0 -0 -0 -0 -0 Conversion 0 0 -0 -0 10 11 Units accounted for: 12 Units completed 13 Units in ending WIP inventory Total units accounted for 15 16 17 Equivalent units of production 18 Units in beginning WIP inventory 19 Units started and completed 20 Units in ending WIP inventory 21 Equivalent units of production 22 23 24 Costs to be accounted for 25 Costs in beginning WIP 26 Current period costs 27 Total costs to be accounted for 28 29 Costs per equivalent unit Cost per equivalent unit 31 32 Costs accounted for 33 Costs assigned to units transferred out 34 Costs assigned to WIP ending inventory Total Costs accounted for Materials Conversion $ Total -0$ -0 0$ 05 0 Total #DIV/0! Materials #DIV/0! Conversion $ #DIV/0! 30 $ Total #DIV/0! #DIV/0! #DIV/0! Materials #DIV/0! #DIV/0! #DIV/0! Conversion #DIV/0! #DIV/0! #DIV/0! 25 $ $ $