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Timing Technology, Inc. manufactures timing devices. During 20x1, 2,000,000 units were completed and transferred to finished-goods inventory. On December 31, 20x1, there were 370,000 units in work in process. These units were 46 percent complete to conversion and 100 percent complete to direct material. Finished-goods inventory consisted of 700,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor costs. There was no finished-goods inventory on January 1, 20x1. A review of the inventory cost records disclosed the following information:

Costs

UnitsMaterialsLaborWork in process, January 1, 20x1360,000$320,000$320,400(82% complete to conversion)Units started in production2,010,000Direct-material costs$5,131,000Direct-labor costs$4,562,550

4-a.Complete the following schedule as of December 31, 20x1, to compute the cost of work-in-process inventory.

4-b.Complete the following schedule as of December 31, 20x1, to compute the cost of finished-goods inventory.