EXERCISE 1 Samura Company prepares a fertilizer compound by combining a variety of ingredients, blending for a period of time, and bagging the final mixture. All materials are added at the beginning of the process a. On December 1, beginning work in process is 60 percent as to conversion costs. Costs asso- ciated with the 5,000 partially completed units are as follows: materials, $4,500; direct labor, $600; and overhead, $3,000. b. On December 31, work in process consisted of 8,000 units, 40 percent complete as to con version costs. c. During the month, 70,000 units were transferred to finished goods. d. Costs added during the month were as follows: Labor 16,000 88,000 Required: Prepare a cost of production report for the month of December using the weighted average method