Myra Company manufactures a product through two departments, Assembly and Finishing. Consider the Finishing Department, where direct materials (packaging) are added when processing is 80% complete. Conversion costs are added evenly during the process. The accounting records provide the following information for the month: Transferred-in Packaging Conversion Physical Units Costs Materials Costs Beginning work in process* 600 $ 7,490 $ 5,330 $ 4,124 Started (transferred in) during the month 2,200 Competed during the month 2,500 Ending work in process** 300 Total costs added during the month $26,950 $17,670 $18,146 *Degree of completion for BWIP: Transferred-in costs, ?; packaging materials, ?; conversion costs, 85% ** Degree of completion for EWIP: Transferred-in costs, ?; packaging materials, ?; conversion costs, 40% e. Required: 1. Using the weighted average method, prepare a process costing report for the Finishing Department for the month. a. Calculate the physical units to be accounted for and units accounted for. b. Calculate the equivalent units for each applicable cost category. c. Determine the costs to account for and cost per equivalent unit. d. Calculate the costs assigned to goods completed and transferred out and to ending work in process. Prepare journal entries for transfers (a) from Assembly to Finishing, and (b) from Finishing to finished goods. 3. Repeat requirements 1 using the first-in, first-out (FIFO) method. Calculate the physical units to be accounted for and units accounted for. How many units are started and completed? b. Calculate the equivalent units for each applicable cost category. c. Determine the costs to account for and cost per equivalent unit. d. Calculate the costs assigned to goods completed and transferred out and to ending work in process. Prepare journal entries for transfers (a) from Assembly to Finishing, and (b) from Finishing to finished goods. a. e