Part 2: Process Costing Intrepid Industries manufactures sterile parts used in medical equipment. The company uses the weighted-average process costing method to account for production costs. produces parts in three different departments: Forming Sterilization, and Assembling. The following information was reported for the Assembling Department for the month of June: Beginning work-in progress inventory on June 1 had 250,000 unts made up of ??? folowing: Amount Degree of Completion 100% $387,500 Prior department costs transferred in from the Forming Department Costs added by the Sterl 317.200 100% 120,050 40% Direct materials Direct labor overhead 30% $504,350 $891,950 Work in process, June 1 During June,580,000 units were transferred in from the Forming Department at a cost of $1,870,000. The Assembling Department added the following costs Direct materials Direct labor $974,800 318,600 $1.495,400 Total costs added Assembling finished 480,000 units and transferred them to the Sterilization Department. June 30, the number of units in ending work-in-progress inventory was 350,000. The degree of completion of work-in-process inventory at June 30 was as indicated below Direct materials Direct labor Manufacturing overhead 80% 65 30 A. Prepare a correctly formatted (including heading) production cost report (see Exhibit 8.11 as a example report) using the weighted-average method. B. Management wants to lower the costs of manufacturing the parts. It has established the following per unit targets for this product in the Assembling Department materials $0.48. Has the product achieved 1.65; labor, $.62, and manufacturing overhead management's cost targets in the Assembling Department? Write a short report to management containing your answerls). a correctly formatted (including heading) production cost report (see Exhibit 8.12 as a example report) using the FIFO method using the data given in Question A with one exception: the beginning direct materials costs as of June 1 listed in work-in-process should be $315,700 instead of $317,200 S D. Using data from the FIFO report, write a short report to management addressing issues raised in Question B