Exercise 1) Having Fun Filters produces an air filter for use in accounting classrooms. Parts are added at several points in their production process. In August, production began with 850 filters in work in process, 70 percent complete as to materials and 60 percent complete as to labor and overhead. During the month, an additional 3,222 units were started into production. Eight hundred filters were in work in process at the end of the month, and they were 77 percent complete as to materials and 88 percent complete as to labor and overhead. Having Fun Filters uses the Weighted-Average method. Cost information for August: Beginning WIP Inventory Cost Added in August Direct material Direct labor $ 48,000 $ 30,000 Manufacturing overhead Total $ 84,000 $162,000 $ 333,810 $ 97,542 $ 612,348 $1,043,700 Required: Complete the process-costing template as shown in class (or should I say online!!). Exercise 2) Repeat Exercise I assuming that Having Fun Filters used the First In, First Out method.