Assume that Concrete Creations used the FIFO method rather than the weighted average method in its process costing system. Calculate the total cost of ending work in process inventory as well as total cost of units transferred out for May. Units completed and transferred From WIP, Beginning Units started and completed Total units completed and transferred Units in WIP, Ending Total units in production Equivalent Units Materials Conversion Materials ($1.674/unit) Conversion ($1.4555/unit) Total Cost Compare the two cost reconciliation reports (weighted average and FIFO). Identify and comment on any significant differences between the two reports. If you were a manager at Concrete Creations, which approach would you recommend and why? Be sure to identify the advantages and disadvantages to both approaches when making your analysis.