Two processing departments: weighted average cost method Jones Company produces a product which passes through two processes. Material enters at the beginning of Process 1, and further material is added when Process 2 is 40% complete. Conversion costs are incurred uniformly throughout the duration of both processes. Details for the month of May, 20X5 are: Physical Flows O/WIP (units) Started in May Completed in Process C/WIP (units) Process 1 1 000 (40%) 10 000 9 000 ? (50%) Process 2 500 (60%) ? ? 750 (30%) Cost Flows O/WIP Mat. $5 000 Conv. $4 000 Trf-in $ 7500 Mat. $ 2 500 Conv. $ 5 000 Current: Mat. $60 000 Conv. $100 000 Mat. $57 750 Conv. $69 400 Calculate the cost of goods completed during May and the cost of work in process inventory in both processing departments on May 31 using both: (i) the Weighted Average process costing method, and (ii) the FIFO process costing method. Two processing departments: weighted average cost method Jones Company produces a product which passes through two processes. Material enters at the beginning of Process 1, and further material is added when Process 2 is 40% complete. Conversion costs are incurred uniformly throughout the duration of both processes. Details for the month of May, 20X5 are: Physical Flows O/WIP (units) Started in May Completed in Process C/WIP (units) Process 1 1 000 (40%) 10 000 9 000 ? (50%) Process 2 500 (60%) ? ? 750 (30%) Cost Flows O/WIP Mat. $5 000 Conv. $4 000 Trf-in $ 7500 Mat. $ 2 500 Conv. $ 5 000 Current: Mat. $60 000 Conv. $100 000 Mat. $57 750 Conv. $69 400 Calculate the cost of goods completed during May and the cost of work in process inventory in both processing departments on May 31 using both: (i) the Weighted Average process costing method, and (ii) the FIFO process costing method