4: Company prepares a certain product. All materials are added at the beginning of the process. On December 1, beginning works in process is 55% as a conversion costs. Cost associated with the 4,500 partially completed units are as follows: materials, $4,500; direct labor, $6,000; and overhead, $3,200. On December 31, work in process consisted of 7,000 units, 35% complete as to conversion costs. During the month, 60,000 units were transferred to finished goods. Cost added during the month were as follows Materials $73,000 Labor 17,000 Overhead 90,000 a. Prepare a cost production report for the month of December using the weighted average method b. Prepare a cost production report for the month of December using FIFO