The King Process Company manufacturers one product, processing it through two Puummmm and No. 2. For each unit of Process No. I output, 2 units of raw material X are put in at the start of the processing. For each unit of Process No. 2 output, 3 cans of raw material Y are put in at the end of processing. Two pounds of Process No. I output are placed in at the start of Process No.2 for each unit of finished goods started. Spoilage generally occurs in Process No. 2 when processing is approximately 50 percent complete. In-process accounts are maintained for raw materials, conversion costs, and prior department costs. The company uses FIFO basis for inventory valuation for Process No. I and finished goods, and average cost for inventory valuation for Process No. 2. Units Fraction complete Data for March: 1. Units transferred: From cess No. to ess No. 2 From Process No.2 to finished goods From finished goods to cost of goods sold 2. Units spoiled in Process No. 2 - 100 3. Raw-material unit costs: X - $1.51 per unit; Y $2.00 per can 4. Conversion costs: Process No. I Process No.2 $4,010 $3,344; 5. Spoilage recovery: $ 100 (treated as cost reduction) Valuation: Conversion costs Materials Conversion costs Prior-department costs PROCESS NO.1 INITIAL FINAL 200 300 1/2 $560 $108 1/3 PROCESS NO.2 INITIALFINAL 200 1/2 0 $390 $2,200 300 2/3 2,200 900 600 FIN GOODS INITIAL 700 $13,300 Required: Journalize March entries to record the transfer of costs from Process No.1 to Process No..2_ from Process No.2 to finished goods, and from finished goods to cost of goods sold. Prepare schedules of computations to support your entries. Regard spoilage as normal spoilage. FINAL 1,000