Provide the correct answer and its' step by step solution.

Requirement 1:

ABC Company employs process cost system. A unit of product process through two departments: Assembly and Finishing before it is completed. Information regarding Assembly department follow:

BWIP, Aug. 14,000 units

Started in Production26,000

Spoiled units3,000

Transferred out24,000

Raw materials are added at the beginning of processing in the Assembly Department without changing the number of units being processed. Work-in-process on August 1 was 90% completed as to conversion while 80% converted on August 31. In the Assembly Department, inspection takes place when the units are 75% converted. The company usually experienced a 5% loss based on the completed units. Cost data for the month of August follow:

Materials Labor Overhead

Beginning, WIP32,40026,40028,500

Current Cost111,60088,200114,750

Using the weighted average costing: Assuming that the allocation of cost of normal lost units is based on EUP.

1. What is the cost of units transferred-out?

2. What is the cost of units of ending work-in-process?

Using the FIFO Costing: Assuming that the allocation of the cost of normal lost units is based on actual units.

1. What is the cost of units transferred out?

2. What is the cost of units ending work-in-process?