C. Prepare a correctly formatted (including heading) production cost report (see Exhibit 8.12 as a example report) using the FIFO method using the data given in Question A with one exception: the beginning direct materials costs as of June 1 listed in work-in-process should be $315,700 instead of $317,200. D. Using data from the FIFO report, write a short report to management addressing the issues raised in Question B