Question No. 03 (4+10=14) (a) Specify the advantage of the weighted-average method of process costing in contrast to the FIFO method. (b) Abdullah Toy Company has two production departments, molding, and finishing. The molding department places a direct material into production at the beginning of the process. Direct labor and factory overhead costs are incurred gradually throughout the process with 2 different proportions. The summary of the molding department's units and costs during June is given below: Units Costs Work-in-process inventory, June 1 ..10.000 units Direct materials: 100 percent complete... Tk. 10,000 Direct labor: 30 percent complete.... Tk 1,060 Factory overhead: 40 percent complete.. Tk. 1, 620 Beginning work-in-process inventory. Tk. 12,680 Units started during June.. 40,000 units Units completed during June and transferred out. of the molding department 44,000 units Work-in-process inventory, June 30. 6,000 units Direct materials: 100 percent complete. Tk. 44,000 Direct labor: 50 percent complete.. .22, 440 Factory overhead: 60 percent complete 43,600 Total costs added during June.. Tk. 110,040 Required: Prepare a production cost report for the month June using the FIFO method for molding Department