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-n-progress inventory on June 1 had 250,000 units made up of the following Amount Degree of Completion 100% $387,600 Prior department costs transferred in from the Forming Department Costs added by the Sterl Direct materials Direct labor 317.200 100% 120,05 40% 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. At June 30, the number degree of completion of work-in-process inventory at June 30 was as indicated below of units in ending work-in-progress Inventory was 350,000. The Direct materials Direct labor Manufacturing overhead 80% 65 30 Prepare a correctly formatted (including heading) production cost report (see Exhibit 8.11 as a example report) using the weighted-average method. A. 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 answer(s). a correctly formatted (including heading) production cost report (see S 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 ssues raised in Question B