Leather goods company has recently experienced declining profits. Management has decided to investigate the manufacturing operation (and costs) of its leather belts, that are produced in a single continuous process. During the process, the leather strips are sewn, punched, dyed, and then the buckles are added. Leather is added at the beginning of the process, buckles are added at the 908 stage and conversion coats are added uniformly. The belts sell for $21.50. Management ses cost data to determine if the production process needs modification or if selling price increase is justified. The cost estimated at the beginning of the year for planning and control was $11.50 per unit. Management has decided to use June cost data for comparison. All months have very similar levels of production but materiale costs are subject to market conditions. Opening WIP for June consisted of 500 units that were 308 complete as to conversion. In June, materials for 5,000 belts were added to production, and 8,100 belts were completed in the month. Closing WI was 601 complete as to conversion Cost data is provided below! Opening WIP: Leather strips 9 1 500 Buckles Conversion Costa Total $ 4560 Costs added in June Leather Stripe 541 000 Buckles B 100 Conversion Costa 55.320 Lobow $14770 and Overhead 540 550 Total 0104 420 REQUIRED: a. Prepare the cost of production Report for June to determine the cost per unit, the cost allocated to its completed and the costs allocated to closing WIP under the weighted Average method. Show all calculations (15 marks) b. Prepare the journal entry required to add costs to the process in June (4 marks) Compare and contrast weighted average and FTP methods for process costing and comment on which method is most accurate for inventory valuation in times of rising prices of inputs marks)