he following data relates to Plastic Fantastic which manufactures extruded pla

he following data relates to Plastic Fantastic which manufactures extruded plastic and silicon parts for use in logistic storage facilities. Plastic Fantastic
operate under a process costing system in which all Direct Materials are added at the start and Conversion Costs are incurred evenly over the whole of
production. On January 1st 2012 Plastic Fantastic has 40000 units in Work-in-Process (WIP) which are complete as to Direct Materials ($120000) and 40% complete for
Conversion ($17700). 375000 units are commenced during January and units completed and transferred to Finished Goods amounted to 400000. Units in closing
WIP are 25% completed. The following costs were incurred during January: Direct Materials $1050000 Conversion Costs $167500 Required: (i) Using the Weighted Average Cost Method determine the cost value of closing WIP and the cost value of goods transferred out during the period