1. 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.

Transcribed image text: Percent Complete Materials Conversion 100% 60% Work in Process, Beginning Started into Production Completed and Transferrred Out Work in Process, Ending Units 10,000 90,000 80,000 20,000 100% 4070 40% Work in Process, beginning Cost added during period Materials Conversion $ 12,600 $ 12,400 $ 167,400 $ 119,350 Transcribed image text: Percent Complete Materials Conversion 100% 60% Work in Process, Beginning Started into Production Completed and Transferrred Out Work in Process, Ending Units 10,000 90,000 80,000 20,000 100% 4070 40% Work in Process, beginning Cost added during period Materials Conversion $ 12,600 $ 12,400 $ 167,400 $ 119,350