This project is to be submitted to me. Be sure that your answers and presentation are not the same. Also be sure that you will look NOT at the solution anywhere. You have to solve this by yourseif and independently. Project Case 1 Kansas Valve Company makes pressure valves for cold quuId substances. Data for May for the rst process center. Machining are presented below: Beginning work-In-process inventory Is 0.000 units with all materials and 00 percent conversion. Beginning inventory costs include $9.000 for materials. $4.500 for labor. and $3.600 for applied overhead. There were 30.000 units started in May. Material costs for May were 350.400. May labor costs were 532.610. Applied manutacturing overhead was 525.396. Ending work-in-prccess was 10.000 units with all materials and 25 percent conversion. FIFO inventory method is used. Required: Prepare a cost of production report in good term for the Machining process center for May. Project Case 2 Mercury Company is employmg process costing regarding its production cycle. Conversion costs are added uniformly at during the production process while direct materials are added 20% at the start of production. 45% at the middle of the production process and the remainder at the and oi the production process. Mercury Company Is conduction Inspection when the production process is at 45% of the conversion cost. The productiondatsotthe entrydu'ing theyearlsaat'ottows: Beginning work in process Inventory [40% Incomplete as to conversion costs) 10.000 units Units started during the year 3.000 unite Ending work in process Inventory (00% complete as to conversion costs) 5.000 units Units completed during the period 33.000 unite Normal spoilage Is 10% of units started during the year Required: 1. what Is the abnormal spoilage in units during the year? 2. What Is the equivalent unit at production for direct materials and for conversion cost under the average costing? 3. What Is the equivalent unit at production for direct materials and for conversion cost under the FIFO costing