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 produces parts in three different departments: Forming, Sterilization, and Assembling. The following information was reported for the Assembling Department for the monith of June costs. It Beginning work-in-progress inventory on June 1 had 250,000 units made up of the tollowing Amount Degree of Compiation 100% Prior department costs transferred in from the Forming Department Costs added by the Steril $387,600 Direct materials Direct labor Manufacturing overhead 317,200 100% 120,060 40% 67-100 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: $974,800 318,600 Direct materials Direct labor overhead Total costs added $1.495,400 -Assembling finished 480,000 units and transferred them to the Sterilization Department At 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 811 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, $1.65; labor, $.62, and manufacturing overhead $0.48. Has the product achieved management's cost targets in the Assembling Department? Write a short report to management containing your answerts). C. 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 D. Using data from the FIFO report, write a short report to management addressing the issues raised in Question B