Pasko Na Sinta Co. is in the business of manufacturing miniature plastic Christmas trees. Production begins in the Trunking Department where the plastic trunk is manufactured, after which the trunk is transferred to the Branching Department. In the Branching Department, branches are produced and fitted to the plastic trunk. Plastic material is added equally in five stages: at the beginning of the process and every 20% completion thereafter. Halfway into the production process, the plastic trunk from the Trunking Department is transferred in to be melded with the plastic branches. Labor and overhead are incurred continuously throughout the production process. 16,000 units were in beginning WIP inventory (30% complete as to conversion) and another 29,000 units were started in the current period. 30,000 units were transferred out to the Finishing Department, while 3,000 units remained in the Branching Department (80% complete as to conversion). Units are inspected for spoilage and defects immediately after the plastic trunks are transferred in. 5% of units that passed through the inspection point were considered spoiled but within the tolerable level, and such spoiled units can be sold for Php15 each. A number of units were also found to be spoiled right before the third stage of material application, caused by an unexpected machine breakdown. Having no plastic trunk yet, these units can only be sold for Php5 each. 5,000 units were reworked at Php9.50 each, with Php38,000 of rework costs considered normal and the rest being abnormal. The units can be sold for Php62.50 each, below their regular selling price of Php80. Cost information for the Branching Department is as follows: WIP, beginning Current period Transferred-in - Php893,361 Direct Materials Php16,436 492,137 Conversion Costs 109,674 633,502 Total Php126,110 Php2,019,000 Required: Prepare cost of production reports and current period journal entries under: 1) WAVE and Normal Costing 2) FIFO and Actual Costing