Exercise 2 The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 300 Stage of completion with respect to materials 60% Stage of completion with respect to conversion.......... 60% Costs in the beginning inventory: Materials cost $1,314 Conversion cost $6,102 Units started into production during the month 22,000 Units completed and transferred out.... 21,800 Costs added to production during the month: Materials cost. $164,436 Conversion cost $728,058 Work in process, ending: Units in process 500 Stage of completion with respect to materials 60% Stage of completion with respect to conversion..... 10% Required: Prepare a production report for the department using the weighted-average and FIFO methods.