Complete the problems below on process costing and variance analysis. Part 1: You must prepare two process costing cost reports one using the weighted average method and one using the fifo method. Morgan Clay Products manufactures clay molded pottery on an assembly line. Its standard costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Molding Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for August 2017 are: Work in process, beginning inventory: 2600 units Direct materials (100% complete) Conversion costs (35% complete) Units started during August 715 units Work in process, ending inventory: 520 units Direct materials (100% complete) Conversion costs (55% complete) Costs for August: Standard costs for Assembly: Direct materials $18 per unit Conversion costs $35.50 per unit Work in process, beginning inventory: Direct materials $12,600 Conversion costs $8250 Part 2A: Variance Problem Castleton Corporation manufactured 36,000 units during March. The following fixed overhead data relates to March: Actual Static Budget Production 36,000 units 34,000 units Machine-hours 6,960 hours 6,800 hours Fixed overhead costs for March $164,700 $156,400 Compute the fixed overhead variances. Part 2B: Variance Problem Russo Corporation manufactured 21,000 air conditioners during November. The overhead cost-allocation base is $34.50 per machine-hour. The following variable overhead data pertain to November: Actual Budgeted Production 21,000 units 23,000 units Machine-hours 12,700 hours 13,800 hours Variable overhead cost per machine-hour: $34.00 $34.50 Compute the variable overhead variances.