Precision Engineering Ltd (PE) manufactures Product X through a highly automated production process. All Product X go through Department A and Department B consecutively before they are completed. Since all Product X consume production resources similarly, the company uses process costing to determine product cost. In the Department A, direct materials are added at the beginning of the process, while conversion costs are added evenly during the process. In Department B, direct materials are added at the end of the process, and conversion costs are added evenly during the process. In 20X2, the year that just passed, the beginning work-in-process (WIP) in the Department B was 50% complete. Beginning WIP costs in the Department B included $63,000 transferred-in costs and $90,000 conversion costs. The ending WIP inventory in the Department B for the year was 40% complete. To control the quality of Product X, PE conducted an inspection at the end of Process B and normal spoilage was estimated to be 1% of the units inspected in the year. First-in, First-out (FIFO) inventory flow assumption was used when determining product cost. The company also collected the below information for the year 20X2: Department A Department B Beginning work-in-process units of 20X2 Units started during 20X2 4,500 3,600 12,600 ? Units completed and transferred out during 20X2 ? 15,930 Ending work-in-process units of 20X2 Direct material costs added in 20X2 Conversion costs added in 20X2 Transferred-out costs 2,700 1,800 $163,800 $97,200 $1,325,250 $151,200 $864,000 ? PE sets Product X's selling price as unit production cost (for the production year) plus a markup of 50%. Required (a) Using FIFO process costing, calculate costs assigned to units transferred out, spoilage, and ending WIP in the Department B in 20X2. Based on the cost assigned, calculate the selling price pf Product X. Round your answer to the nearest dollar. (b) Prepare the journal entries to record transferred-out costs and spoilage for Department B under the FIFO process costing in 20X2.