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.

Required: HINT: Use the excel template found on D$2$L "Equivalent Units of Production" to help you.

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.