Question 2. Pet4U manufactures toys for dogs and cats. The toys are mass produced. Direct materials are introduced at the beginning of the process, and conversion costs are incurred evenly throughout the manufacturing process. Once each unit is completed, it is transferred to finished goods. Data for the month of May are as follows: Beginning WIP (30%) complete Direct material $ 25,000 Conversion costs $ 3,000 Total $ 28,000 Units started during May 80,000 units Units completed and transferred in May 88,000 units Units ending WIP inventory (50% complete) 12,000 units Direct material cost added during May $220,000 Conversion costs added during May $ 74,000 Required (show your workings and round it to the nearest two decimal places): (a) Prepare a process cost report using the weighted average method. 10 marks (b) Prepare a process cost report using the FIFO method 10 marks ANSWER 2: PLACE YOUR ANSWER HERE (PRESS ENTER TO CREATE MORE SPACE)