E5.28 Weighted average cost and FIFO: manufacturer LO 5.2 19 , 5.3 12 Page 223 Natural Fibres Lid manufactures natural fabrics for the clothing industry. The following data relate to the weaving department for December: Weighted average FIFO Total equivalent units of direct material 60 000 40 000 Total equivalent units of conversion 52 000 44 000 Units completed and transferred out during December 50 000 50 000 The cost data for December were as follows: Work in process 1 December: Direct material $188 000 Conversion 88 800 Costs incurred during December: Direct material $328 000 Conversion 545 600 There were 20 000 units in process in the weaving department on 1 December (100 per cent complete as to direct material and 40 per cent complete as to conversion). Required: 1. Calculate each of the following amounts using weighted average process costing: (a) cost of goods completed and transferred out of the weaving department during December (b) cost of the 31 December work in process inventory in the weaving department