The opening inventory of a process is 20,000 units which are deemed 40% complete. Opening material costs are $200,000. Opening inventory of conversion costs are $800,000. All materials are added at the start of the production process. While, conversion takes place continuously throughout the process. During the period 60,000 were started. Material costs for the period were $800,000. While, conversion costs for the same period were $1,600,000. Ending work-in-progress was 30,000 units that were considered one third complete. 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, work in progress and prepare the process account