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: Beginning of Month 5,000 units 70% $ 90,000 $ 80,000 End of Month 3,000 units 40% ? ? During the month: Units started during the month: Costs incurred for Materials: Costs incurred for Conversion: Total Spoiled Units detected: 33,000 units $320,000 $290,000 1,000 units Other Income Statement Information: Sales: $999,000 Admin expenses $200,000 Inspection occurs when units are 95% converted, and inspection determines if the units are acceptable or spoiled. Normal Spoilage is based on 3% of units started. 85% of direct materials is added at the beginning of the process, and the remaining 15% of direct materials (for packaging) is added immediately after inspection. There were no finished goods or raw material inventories at any point of the process. Required: Part A: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that process costing is based on modified FIFO, Part B: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that process costing is based on Weighted Average. (you can omit the company name and period from the income statement)