Problem 2: Seve's Co. manufactures XY, a product of a process which combines Mineral X and Mineral Y. It has the following data for the month of February: Beginning inventory (60% complete as to conversion cost) Started for the month of February Ending Inventory (40% complete as to conversion cost) Beginning inventory costs Mineral X Mineral Y Conversion Current Period costs: Mineral X Mineral Y Conversion 1,400 units 4,000 units 1,000 units P 28,540 P 11,900 P 11,280 P 80,000 P141,000 P198,000 Mineral X is added at the start of the process, while Mineral Y is added once the product in process reaches 50% completion. 1. Assuming the use of weighted average method, how much is the cost of ending inventory for February? a. b. 72,290 C. 37,540 d. 40,000 e. 87,000 2. Assuming the use of FIFO method, how much is the cost of goods transferred to finish goods for the month of February? a. b. 351,000 c. 433,180 d. 430,720 e. 79,720