ABC is a Manufacturing Company that Make furniture through two stages: stage one (Manufacturing), where they add the raw material first and manufacture the furniture. Completed units are transferred to the second stage (Painting), where they paint the completed units that were transferred from stage one and make them ready for sale. In this stage also direct material is added at the beginning of the stage. The following is data for these two stages during the first two years of productions; 2020 and 2021: During 2020: In stage 1, the company started with 5,000 units. 4,000 units of them were competed and transferred to the second stage and 1,000 units left under process and were 60% completed for the conversion cost. 3,200 units of the transferred units to the second stage were completed and transferred to the finished goods inventory and work in process ending inventory was completed by 30% for the conversion cost. The costs added during stage 1 were as follow: $150,000 DM and $69,000 CC. Costs added during painting stage were as follow: $80,000 DM and $ 61,920 CC. During 2021: 8,000 units were added to the manufacturing stage. 7,000 units have been completed and transferred to the painting stage units left under process were 40% completion. In stage two, 5,300 units were completed and transferred to the finished goods inventory, and ending inventory in stage 2 were 75% completed. Cost added during stage one process were as follow: $330,000 DM and $ 131,400 CC. Costs added during stage 2 were as follow: $ 140,400 DM and $124,180 CC. Required: 1. Prepare stage schedule summary for each stage in each year using: b) FIFO method. a) Weighted Average method 2. Journalize the required entries for cost transfer between stages and for finished goods. 3. Prepare WIP T account for each stage.