P6-9 Cost of units completed and ending inventory; FIFO methodClearwater Candy Co. had a cost per equivalent pound for themonth of $4.56 for materials, $1.75 for labor, and $1.00 for over-head. During the month, 10,250 lb were completed and transferredto finished goods. The 3,200 lb in ending work in process were100% complete as to materials and 60% complete as to labor andoverhead. At the beginning of the month, 1,500 lb were in process,100% complete as to materials and 50% complete as to labor andoverhead. The beginning inventory had a cost of $8,775. Clear-water uses FIFO costing.Required:1. Calculate the cost of the pounds completed and transferred tofinished goods.2. Calculate the cost of the ending work in process.