Michigan Welding, Inc. manufactures frames for motorcycles. Each frame passes through three processes: cutting, bending, and powdercoating. In July, the cutting department reported the following data: a. In cutting, all direct materials are added at the beginning of the process. b. Beginning work in process consisted of 45,000 units which were 35% complete with respect to direct labor and overhead. Costs in beginning inventory included direct materials: $1,360,000, direct labor: $447,500, and applied overhead: $224,500. c. Costs added to production during the month were direct materials: $4,520,300 and direct labor: $5,212,000. Overhead was assigned using the following information: Activity Rate Actual Driver Usage Inspection $190 per inspection hour 5,200 inspection hours Maintenance $700 per maintenance hour 2,400 maintenance hours Receiving $250 per receiving order 2,250 receiving orders d. At the end of the month, 159,735 units were transferred out to the bending department. This left 16,920 units in ending work in process that were 25% complete. Required: a. Prepare two cost of production reports. Create one cost of production report using the weighted average method. Create the second cost of production report using the FIFO method.