Solid Stable Furniture uses a process cost system to account for its table factory. Beginning inventory consisted of 4,500 units ( 100% complete as to material, 45% complete as to labor) with a cost of $138,500 materials and $107,200 conversion. 62,000 units were started into production during the month with material costs of $1,845,000 and $2,481,375 of conversion costs. The ending inventory of 5,200 chairs was 100% complete as to materials and 30% complete as to labor. Part 1: Using the weighted average costing method: a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance. Part 2: Using the FIFO (first-in-first out method): a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline A & B & C & D & E & F & G & H & 1 \\ \hline \multicolumn{8}{|c|}{ Production Cost Report } & \\ \hline \multicolumn{8}{|c|}{ FIFO Method } & \\ \hline & & & & & & & & \\ \hline & & & Physical & & \multicolumn{3}{|c|}{% of Completion } & \\ \hline Units to be accounted for: & & & Units & & Materials & & Conversion & \\ \hline \multicolumn{9}{|l|}{ Units in beginning WIP inventory } \\ \hline \multicolumn{9}{|l|}{ Units started during the period } \\ \hline \multirow[t]{3}{*}{ Total units to be accounted for } & & & - & & & & & \\ \hline & & & & & & & & \\ \hline & & & Physical & & \multicolumn{3}{|c|}{% of Completion } & \\ \hline Units accounted for: & & & Units & & Materials & & Conversion & \\ \hline \multicolumn{9}{|l|}{ Units completed } \\ \hline \multicolumn{9}{|l|}{ Units in ending WIP inventory } \\ \hline \multirow[t]{3}{*}{ Total units accounted for } & & & - & & & & & \\ \hline & & & & & & & & \\ \hline & & & Physical & & & & & \\ \hline Equivalent units of production & & & Units & & Materials & & Conversion & \\ \hline Units in beginning WIP inventory & & & - & & - & & - & \\ \hline Units started and completed & & & - & & - & & - & \\ \hline Units in ending WIP inventory & & & - & & - & & - & \\ \hline Equivalent units of production & & & - & & - & & - & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Costs to be accounted for & & & Total & & Materials & & Conversion & \\ \hline Costs in beginning WIP & & $ & - & $ & & $ & & \\ \hline Current period costs & & & - & & & & & \\ \hline Total costs to be accounted for & & $ & - & $ & - & $ & - & \\ \hline Costs per equivalent unit & & & Total & & Materials & & Conversion & \\ \hline Cost per equivalent unit & & $ & \#DIV/0! & $ & \#DIV/0! & $ & \#DIV/0! & \\ \hline Costs accounted for & & & Total & & Materials & & Conversion & \\ \hline Costs assigned to units transferred out & & & \#DIV/O! & & \#DIV/O! & & \#DIV/O! & \\ \hline Costs assigned to WIP ending inventory & & & \#DIV/0! & & \#DIV/0! & & \#DIV/0! & \\ \hline Total Costs accounted for & & $ & \#DIV/0! & $ & \#DIV/0! & $ & \#DIV/0! & \\ \hline \end{tabular}