PROCESS COSTING (QUICK EASY QUESTION) (TOOK ME ONLY 10 MINUTES TO DO) (ANSWER PROVIDED) In July, the Assembly department of Mercury Manufacturing began the month with 1,200 units in work-in-process inventory (75% complete). During the month, 14,000 units were transferred in, with costs of $114,000 attached to them from the Molding department. During the month, 15,000 units were completed, 8oo of which were spoiled. Spoilage is normally 5% of good output. Ending work-in-process was 30% complete. In the Assembly department, all direct materials are added when the product is 50% complete, and conversion costs are applied evenly throughout the process. The value of beginning work-in-process inventory was $18,880.00 ($7,600.00 in costs transferred from Molding, $3,750.00 in direct materials costs, and $7,530.00 in conversion costs). During July, $15,ooo in direct materials costs and $33,885.00 in conversion costs were incurred in the Assembly department. (1). Assuming Mercury Manufacturing uses the Weighted Average method of process costing, find the value of units completed and transferred out, ending work-in-process inventory, and the loss due to abnormal spoilage for the Assembly department. (2). Assuming Mercury Manufacturing uses the FIFO method of process costing, find the value of units completed and transferred out, ending work-in-process inventory, and the loss due to abnormal spoilage for the Assembly department. USE EXCEL TO ANSWER THIS. SHOW YOUR WORK BY INSERTING THE FORMULAS IN THE EXCEL WORKSHEET TO PRODUCE THE ANSWER. IF POSSIBLE I WOULD PREFER IF USER: dkhetan or USER: Asmalhotra or USER: Mmahajan answered this. THE ANSWERS SHOULD BE: (Correct me if I'm wrong) (1) Comp $178,920.00, EWIP $1,765.00, Abnormal spoilage $1,080.00 (2) Comp $178,946.79, EWIP $1,772.15, Abnormal spoilage $1,046.05