1 35 MARKS Neptune Corporation accumulates costs for its single product using process costing. Direct materials are added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. The following has been provided for May: Physical Percentage of Completion with Respect Units to Conversion Work in process, May 1 25,000 40% Units started during May. 30,000 Work in process, May 31 20,000 80% Direct Material Conversion Total Work in process, May 1 Costs incurred during May Total costs to account for $143,000 $ 474,700 $ 617,700 165,000 2,009,000 2,174,000 $308,000 $2,483,700 $2,791,700 The Vice President - Operations, wants to ascertain the main differences between the 2 main cost flow assumptions. Required: a) Using the EXCEL templates provided, prepare Production Cost Reports for Neptune Corporation using the: . Weighted-Average cost flow assumption ii. FIFO cost flow assumption 15 Marks 20 Marks