Island Park Watersports (IPW) manufacturers water skis in three sequential production departments. The company uses the weighted average method in its process costing system. IPW uses a Knommal costing system to allocate manufacturing overhead (MOH) to production based on the number of machine hours logged during the period. Before ethe year, IPW estimated its total MOH for the year would be $500,000 and a total of 250,000 machine hours would be logged. The following data relates to the 1,000 physical units in the first process department's beginning inventory for March Percentages of Completion: 75% complete with respect to direct material, 30% complete with respect to conversion Cost Assigned to Units: $2,000 for direct material costs, $3,000 for conversion costs. During March, 20.000 units were placed into production in the first processing department $50,000 of direct material costs and $225,000 of direct labor costs were added to the department's work-in- progress inventory during the month. The department logged 240,000 actual machine hours during the month. At the end of March, 6,000 water skis were still in process in the first processing department. These water skis were 30% complete with respect to direct material costs and 50% complete with respect to conversion costs e nearest hundredth): Complete the following statements related to the operations in the first processing department (round all calculations to the neare Question 1: The cost to complete a unit in the first department in FEBRUARY was OA $10.00 OB. $5.00 OC. $7.25 OD. $2.67 OE $12.67 Question 2: The cost of goods completed and transferred out during MARCH to department 2 was OA. $636,429 OB. $123.571 OC. $595.000 OD. $236,429 $754,681