Please show formulas so I have no questions about the process of using these methods. Please show how you allocate % of process completed to transferred in/DM/CC costs as well. Company uses the FIFO method of process costing, manufactures products in three sequential processes: Molding, Plating, and Finishing. In the Plating process, direct materials are added at the beginning of the process, while conversion costs are incurred evenly throughout the process. The normal spoilage rate in the Plating process is 1% of good units produced. Company provided the following information about the Plating process in June: WIP Inventory Units Beginning 700 % of Process Complete 30% Costs Incurred Ending 900 60% Beginning Current Period WIP Transferred-In Costs $1,500.00 $9,350 DM Costs $2,330.00 $17,820 Conversion Costs $1,025.00 $11,823 Units Started Completed and Units 5,500 Transferred Out 5,200 a. Prepare production cost report using the Weighted Average Method of process costing to calculate and show the value of units completed and transferred out, ending work in process inventory, and the amount of loss caused by abnormal spoilage. b. Prepare production cost report using the FIFO Method of process costing to calculate and show the value of units completed and transferred out, ending WIP inventory, and the amount of loss caused by abnormal spoilage.