Example - I ABC Company had no WIP BI. During the period added 20,000 units. 15,000 completed and transferred to next stage, and EI was completed by 70%. Calculate the equivalent units for DM and CC using FIFO and WA if DM is added at the beginning of the process. Example - II ABC is a manufacturing company that uses Process costing system. Products passed through one stage of Production where DM is added at the beginning of the process and Conversion cost is added gradually. Balances in 1" Jan 2020 were as follow: Units under process 10,000 units completed by 80% DM cost $200,000 CC$40,000 During 2020, the company started with new 50,000 units. Completed 52,000 units and transferred them to finished goods inventory. Ending inventory was completed by 40%. Cost added during the period were as follow: $1,150,000DM and $283,200. Required: 1. Prepare stage schedule summary for each stage in each year using: a) Weighted Average method b) FIFO method. 2. Journalize the required entries for cost transfer between stages and for finished goods. 3. Prepare WIP T account for each stage