Please answer the question below. The question has 2 parts in it.

Question D - Process Costing. Answer the questions below. - Part A - Calculation Question Using the following worksheet format, assign costs to the inventory transferred out and the ending inventory using the FIFO method. The percentages indicate the amount of work completed on the inventory. Show your calculations for full marks. FIFO Method Dired Material Conversion Costs Beginning WP Started Units Dollars Direct Material Conversion Costs 450 50,000 36,000 14,000 550 80,000 40,000 40,000 1000 130,000 76,000 54,000 % Completed 450 O% 350 100% 100% 200 100% 50% 1,000 Beginning WP Started and Completed Ending WIP A1 81 C1 AZ B2 C2 Per Unit D E A1'D+AZE Assigned Costs Beginning WP Added to Beginning WP Transfer from Beg WIP Started and Completed Total Transferred Out Ending WP BI"D+B2E C1'D+C2" Part B - Calculation Question Using the following worksheet format, assign costs to the inventory transferred out and the ending inventory using the weighted average method. The percentages indicate the amount of work completed on the inventory. Show your calculations for full marks. 5 5 Weighted Average Method Direct Material Conversion Costs Beginning WP Started 80,000 40,000 Units Dollars Direct Material Conversion Costs 450 50,000 36,000 14,000 550 40000 1,000 130,000 75,000 54,000 Completed 800 100% 100% 200 100% 50% 1.000 Transfer out A1 B1 = Ending WP B2 HT Per Unit 0 Assigned Costs Transfer out A1C+A25D BI*C+82'D Ending WP Questions: 1. Calculate the inventory cost transferred out and ending inventory (WIP) value for the FIFO method. 2. Calculate the inventory cost transferred out and ending inventory (WIP) value for the weighted average method. 3. What is a benefit of the weighted average method? 4. Why might a company use the FIFO method? 5. When is process costing used by a company