Round everything to 4 decimals places, if needed, except for final answers of COGM and EWIP. Box or circle your final answers to each question! Exercise 1) Having Fun Filters produces an air filter for use in accounting classrooms. Parts are added at several points in their production process. In August, production began with 850 filters in work in process, 70 percent complete as to materials and 60 percent complete as to labor and overhead. During the month, an additional 3,222 units were started into production. Eight hundred filters were in work in process at the end of the month, and they were 77 percent complete as to materials and 88 percent complete as to labor and overhead. Having Fun Filters uses the Weighted-Average method. Cost information for August: tion for A Beginning WIP Inventory Cost Added in August Direct material Direct labor $ 48,000 $ 30,000 Manufacturing overhead Total $ 84,000 $162.000 $ 333,810 $ 97,542 $ 612,348 $1,043,700 Required: Complete the process-costing template as shown in class (or should I say online!!). Exercise 2) Repeat Exercise I assuming that Having Fun Filters used the First In, First Out method. Exercise 3) At the start of period, Wally's Wacky Wigs had work in process inventory consisting of 3,550 units that were 48 percent complete with respect to materials and 34 percent complete with respect to conversion costs. The cost of the units was $55,785 ($31,785 of material cost, $19,555 of labor, and $4,445 of overhead). A total of 7,680 units were completed and transferred to the next department. During the period, the company incurred $15,054 of material cost and $54,800 of conversion costs (47% of this cost was labor). There were 4,340 units in ending work in process that were 69 percent complete with respect to materials and 44 percent complete with respect to conversion costs. Transferred-in costs consisted of $133,333 in beginning work in process and $88,888 added during the period. Wally's Wacky Wigs uses the Weighted-Average method. Required: Complete the process-costing template as shown online. Exercise 4) Repeat Exercise 3 assuming that Wally's Wacky Wigs used the First In, First Out method