2 (37 marks) Windhoek Processors Ltd (Windhoek Processors) produces purple widgets, which require processing through multiple production departments. The first department in the process is the casting department, where the widgets are initially created. The widgets then move to the trimming department for further work. During the month of July 2023, the casting department incurred N$222 750 of direct material costs and N$141 050 of conversion costs (comprised of direct labor and factory overhead). Further information relating to the Casting department for July 2023 are as follows: 1 July 2023: Work in progress: Material 10 000 units (100% complete) N$80 000 Conversion (60% complete) N$120 000 Units introduced in the current period 40 000 Units completed and transferred to the trimming department 30 000 Work in progress on 31 July 2023 14 000 Additional information: The Work-In-Progress on 31 July 2023 is 100% complete (material) and 80% complete (conversion). Materials are added at the beginning of the process. Inspection for losses takes place when the process is 80% complete. Normal loss is 5% of the units that reached the inspection point. It is the companys policy to value its inventories on the basis of First-In-First-Out (FIFO). REQUIRED: MARKS 2.1. State any two differences between FIFO method and Weighted Average Method when it comes to their application in the Process costing system. 2 2.2. Prepare a full process costing report inclusive of all the necessary schedules using FIFO. Clearly show all your workings in a coherent manner. 35 2.3 Prepare a full process costing report inclusive of all the necessary schedules using the Weighted Average Method. Clearly show all your workings in a coherent manner