Problem 2: Indiana Meat Packers (Process Costing Indiana Meat Packers handles processing of cattle and harvesting of beef. Cattle is first fed into the meat processing unit after which it passes to the packaging unit. The following information is available in the packaging department for the month of December: Beginning WIP (lbs) 1.5 million lbs Costs transferred from Meat $1,000,000 Processing department Cost of materials in packaging (100% completed) Conversion costs (60% complete) $500,000 $750,000 $2,250,000 Pounds of beef transferred in Dec from Meat Processing department Ending work in process (lbs) Costs transferred from Meat Processing in Dec 4.5 million lbs 1 million lbs $2,000,000 Conversion costs incurred in Dec $2,750,000 $1,000,000 Material costs incurred in Dec The ending WIP was 100% complete w.r.t. materials and 60% complete w.r.t. conversion costs For the month of December, compute costs transferred out and costs in ending WIP for the packaging department using a) the weighted average method and b) the FIFO method. (1 point) (0.5 points)