A manufacturer uses process costing. It has one direct material cost pool and one conversion cost pool. Information for the month is as follows: Beginn3ng of Month End of Month Work in process: 4,000 units 3,500 units Conversion (% of completion in WIP): 60% 40% Costs of Materials in WIP: $ 90,000 ? Costs of Conversion in WIP: $ 80,000 ? During the month: Units started during the month: 32,000 units Costs incurred for Materials: $410,000 Costs incurred for Conversion: $300,000 Total Spoiled Units detected: 1,150 units Other Income Statement Information: Sales: $900,000 Admin expenses $100,000 Inspection occurs when units are 80% converted, and inspection determines if the units are acceptable or spoiled. Normal Spoilage is based on 3% of units started. 90% of direct materials is added at the beginning of the process, 7% of direct materials (for packaging) are added immediately after inspection, and the remaining 3% are added at the end of the process. 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.