Warsaw Inc. assembles its product in several departments. Warsaw has two departments, Cutting and Finishing, that processes all units. Product is processed in Cutting, transferred to Finishing, and once complete, is transferred to finished goods.

Information for the month of October is as follows:

Beginning Work in Process Inventory for Cutting is $15,000 ($12,000 for materials and $3,000 for conversion costs)

Beginning Work in Process Inventory for Finishing contains $16,000 for transferred-in costs, $40,000 for the first material, and $20,000 for conversion costs).

CUTTING DEPARTMENT: The cutting department beginning work in process contains 30,000 units that are 30% complete as to conversion. 50,000 units were started. The work in process ending inventory contains 10,000 units that are 60% complete. Conversion occurs uniformly whereas direct materials are added at the beginning of the process.

Within the Cutting Department, the following transactions occurred in October:

1. $50,000 raw materials were put into process in cutting.

2. Direct labor incurred was $16,000; Manufacturing Overhead incurred was $8,000.

3. Conversion is applied to production.

4. Completed product was transferred to the Finishing Department.

FINISHING DEPARTMENT: The finishing department beginning work in process contains 40,000 units that are 75% complete as to conversion. Ending inventory containing 30,000 units is 45% complete. Conversion occurs uniformly. Two materials are added in this department; the first direct material is added at the 40% point in the process; the second direct material is added at the 80% point in the process.

Within the Finishing Department, the following transactions occurred:

5. The first direct material, $67,500, is used; the second direct material, $90,000 is used.

6. Direct labor incurred was $30,000; Manufacturing Overhead incurred was $24,375.

7. Conversion is applied to production.

8. Completed product was transferred to finished goods.

REQUIRED:

1. Prepare a production cost worksheet using FIFO for the cutting department. (Round equivalent unit costs to at least FOUR decimal points, if necessary)

2. Prepare a production cost worksheet using Weighted Average for the finishing department. (Round equivalent unit costs to at least FOUR decimal points, if necessary)