The following information available for a process for the month of December relates to questions 68 and 69. WIP @ 1 December 12,000 units (40% converted) Material element $33,600 Conversion costs $22,980 Materials added 48,000 units at a cost of $144,000 Conversion costs $307,500 WIP @ 31 December 15,000 units (60% converted) All material is input at the start of the process whereas conversion occurs evenly through the process. There are no losses in the process. Test your understanding 68 What is the value of closing WIP at 31 December, using the Weighted average method of valuation? $84,680 B $99,480 $101,250 D $136,200 Test your understanding 69 What is the value of finished production in December, using the FIFO method of valuation? A $305,250 B $406,830 $408,600 D $416,250