Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: -

Prepare the production report using the weighted-average cost method AND the FIFO method. The ending inventory is 50% complete with respect to conversion costs.

Units Materials Conversion Work in process, Jan. 1 (80% complete with respect to conversion costs)100,000 S100,000 S157,500 500,000 Costs added during the year: S650.000 Materials... Conversion Units completed during the year $997,500 ....450.000