Equivalent Units Your assignment submission must be typed up in either Word or Excel and uploaded $($one file only $-$ Excel preferred$)$ to the assignment drop$-$box before midnight July $22$ A manufacturer uses process costing. It has one direct material cost pool and one conversion cost pool. Information for the month is as follows: During the month: Other Income Statement Information: Inspection occurs when units are $60\%$ converted, and inspection determines if the units are "acceptable" or "spoiled". "Spoiled" units are discarded. Normal Spoilage is $2\%$ of units started. $80\%$ of direct materials is added at the beginning of the process, and $20\%$ of direct materials $($for packaging$)$ are added at $98\%$ converted. There were no finished goods or raw material inventories at any point of the process. Required: Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that process costing is based on modified FIFO, also Calculate the value of ending WIP, and prepare an Income Statement for the month assuming that process costing is based on Weighted Average.