The opening inventory of a process is 15,000 units which are deemed 75% completed with respect to material and 50% completed with respect to direct labour and overheads. Opening material cost is $759,450, while direct labour and production overheads are $ 1,164,960 and $776,640 respectively.

During the period 135,000 units were started. Material cost for the period was $1,115,850 while labour and overheads were $2,493,180 and $3,047,220 respectively. There were 30,000 units at the end of the period which are 70% completed for materials and 30% complete for labour and production overheads.

Required:

a. Using the weighted average cost flow assumption: determine the equivalent unit cost, work in progress, and prepare the process account.

b. Using the FIFO cost flow assumption: determine the equivalent unit cost and work in progress.