ChipChips Inc. manufactures organic snack crackers. Their production process occurs in two phases: The mixing department and the baking department. The weighted average costing method of process costing is being used. The following information is available for the baking department:

Current account balances as per GL $($unadjusted $-$ these may be incorrect$)$:

Units Costs

Work in process, January $3142,000$ $$76,450$

$($materials $100\%$ complete, conversion $40\%$ complete$)$

Finished goods, January $3147,000$ $$120,420$

Additional more detailed cost record information:

Units Costs

Materials Conversion

Work in process, opening balance, Jan $121,000$ $$12,500$ $$42,000$

$($materials $80\%$ complete, conversion $50\%$ complete$)$

Started into production $120,500$

Costs added during the month $$210,400$ $$52,060$

Units completed during the month $86,000$

There were no finished goods inventories on January $1.$

$55,500$

Required:

A$.$ Based on the additional detailed cost record information shown above, calculate the correct amount of cost that should be assigned to the ending work in process and finished goods inventories

Note: Please round your cost per EUP to two places after the decimal point!

B$.$ Compare the current GL balances for WIP and FG inventories with the correct account balances that you calculated in part $($A$)$ above. Post the necessary adjusting entry to correct the GL$.$