A-One manufactures Product X. The company uses First-in-First-out (FIFO) process costing. Product X are produced in a two-step process in two departments: moulding and assembly. Plastic components are made in the moulding department and transferred to the assembly department at the beginning of each month. In the assembly department, all other components are added at the start of the manufacturing process. Conversion costs are incuired evenly throughout the manufacturing process. Inspection takes place when the production is 75% complete. All spoiled products are discarded. Currently normal spoilage cost is charged to COGS at the end of each month and abnormal spoilage treated as a loss. The completed Product X that passed the inspection are transferred to storage till they are sold and shipped to customers. In the assembly department, there were 1,600 units of Product X in the beginning work-in- process (WIP) at the beginning of August 2021. These were 50% complete. At the end of August 2021, there were 2,400 units of Product X in WIP that were 60% complete. During August 2021, 35,200 units of Product X were started. At the end of August 2021, 31,600 completed units of Product X were transferred to the finished good store for storage. Normal spoilage is set at 5% of inspected products. The following table summarises the cost of beginning WIP and new costs incurred in assembly department for August 2021; Beg WIP @ Assembly Dept 1 August Cost incurred for August 2021 $228,800 $158.400 $103,020 $490,220 Transferred in cost (TIC) Direct material Conversion costs Total $9,600 $6,400 $2,200 $18,200 Required: (a) Use FIFO process costing to calculate cost for completed, spoiled, end WIP units of Product X in assembly department and cost per Product X (nearest cent) for August 2021 (clearly show the costs per equivalent unit to the nearest 2 decimal place for each cost category). (b) Based on information for August 2021, prepare necessary journal entries to record the costs related to material, conversion costs, transferred in material, completed diffusers and abnormal loss (if any) incurred (show workings where relevant: narrations are not required). (C) On 3 September 2021, the 31,600 units of completed Product X in the finished good store were sold to a customer for $20.00 per unit. Calculate the profit margin and write the journal entries to record this transaction