Portland Pale Ale, Inc., makes a variety of specialty beers at its main brewery in Oregon. Production of beer occurs in three main stages: mashing, boiling, and fermenting. Consider the fermenting department, where direct materials (bottles and other packaging) are added when the fermenting process is at 10%. Conversion costs are added evenly during the process. Portland Pale Ale provides the following information related to its top-selling Gypsum Ale for the fermenting department for the month of August: Transferred-in cost (TIC) Direct Materials Conversion Costs Units 50,000 Beginning WIP Inventory Degree of Completion Costs 100% $6,998 ?% $0 5% $320 240,000 Transferred-in in August Cost Incurred in August $42,000 $58,000 $7,611 40,000 Ending WIP Inventory Degree of Completion 100% ?% 15% The units in beginning work in process are 5% complete for conversion costs, while the units in ending inventory are 15% complete for conversion costs. Required: Prepare a production cost reports, using Weighted Average and FIFO for the fermenting department