A manufacturer uses process costing. It has one direct material cost pool and one conversion cost pool. Information for the month is as follows: Work in process: Conversion (% of completion in WIP): Costs of Materials in WIP: Costs of Conversion in WIP: During the month: Units started during the month: 4,000 units 50% Beginning of Month End of Month 3,000 units 40% ? $93,000 ? $ 81,000 Costs incurred for Materials: 32,100 units $300,000 $270,000 1,700 units Costs incurred for Conversion: Total Spoiled Units detected: Other Income Statement Information: Sales: Admin expenses $920,000 $200,000 Inspection occurs when units are 60% converted, and inspection determines if the units are "acceptable" or "spoiled". Normal Spoilage is based on 5% of units started. 80% of direct materials is added at the beginning of the process, and the remaining 20% of direct materials (for packaging) is added immediately after inspection. There were no finished goods or raw material inventories at any point of the Required: process. Part A: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that inventory is based on modified FIFO, Part B: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that inventory is based on Weighted Average. (you can omit the company name and period from the income statement)