he Erskine Incorporated Metals Division manufactures an industrial compound used in metal working at the division's only plant. The production process uses two materials. The first is a lubricant produced by the Chemicals Division of Erskine. The Chemicals Division sells the lubricant to other customers as well as the Metals Division. In January of this year, the Metals Division and the Chemicals Division signed a one$-$year contract, which went into effect on February $1,$ whereby the Chemicals Division agreed to sell up to $100,000$ units of the lubricant each month to the Metals Division for a fixed price per unit. The second material is a solvent that the Metals Division purchases on the outside market. The solvent is introduced at the beginning of the process in the Metals Division along with the lubricant from the Chemicals Division.

The beginning work$-$in$-$process inventory on May $1$ consists of $20,000$ physical units, $50$ percent complete with respect to conversion costs.

The beginning work$-$in$-$process inventory has a total cost $($transferred$-$in$,$ materials, and conversion$)$ of $$276,300,$ of which $$100,000$ is for materials.

The ending work$-$in$-$process inventory on May $31$ consists of $25,000$ physical units, $40$ percent complete with respect to conversion costs.

During May, $80,000$ units were transferred in from the Chemicals Division and started in the Metals Division. The Metals Division incurred total costs $($transferred$-$in$,$ materials, and conversion$)$ of $$1,520,700$ in May, of which $$320,000$ was for materials and $$697,500$ was for conversion costs.

Required:

Compute the cost of goods transferred out in May and the cost of work$-$in$-$process ending inventory assuming that the Metals Division uses weighted$-$average process costing.

Compute the cost of goods transferred out in May and the cost of work$-$in$-$process ending inventory assuming that the Metals Division uses FIFO process costing.