Products Manufacturing Company uses the process costing method with the following data for the month of September.

Work-in-process, September 1, 30,000 units: Direct material: 100% completed $ 65,500 Conversion: 30% completed 51,910

Balance in work in process, September 1 $ 117,410 Units started during September 40,000

Units finished 50,000 Work in process, September 30, 20,000 units: Direct material: 100% completed Conversion: 60% completed Cost incurred during September: Direct materials $ 120,000

Conversion costs 199,810

Total $ 319,810

Required: 1. Prepare the Cost of Production Report - weighted-average method (12 points). 2. Prepare the Cost of Production Report - FIFO method (12 points). 3. Under what conditions would it be appropriate to use a process costing system? (4 points) 4. What are transferred-in costs? (4 points) 5. Explain the difference between normal spoilage and abnormal spoilage. (4 points)