Ottawa Manufacturing produces a single product X, in a two-stage assembly and finishing operation. The company uses a process-costing system. During the month of June, the following data were recorded for the Finishing Department: Units of beginning inventory 10,000 (25% complete for conversion cost) Conversion costs in beginning inventory Transferred-in costs in beginning inventory $42,000 $82,900 Units of ending inventory 20,000 (95% complete for conversion cost) Units transferred in 70,000 Units transferred out 60,000 Costs added during current period: Direct materials costs Conversion costs Transferred-in Cost $ 655,200 $ 1,251,600 $647,500 Conversion costs are incurred evenly throughout the process. Direct materials costs are incurred when production is 90% complete. REQUIRED: Part 1 - Use the weighted Average (WA) method to answer the following questions: 1. For each cost element (i.e., Transferred-In Cost, Direct Materials Cost and Conversion Cost), compute total equivalents units. 2. For each cost element, compute cost per equivalent unit. Compute the amount of total production costs that will be assigned to (1) units completed and transferred out and (2) units in ending work in process inventory. Part 2 - Repeat the above questions using FIFO