The accountant at Rogers Advantage needs to close the books at the end of July, using the following information. Direct materials are added at the start of production. Conversion costs are incurred evenly throughout production. Inspection occurs when production is 70% completed. Normal spoilage is 14,500 units per month. Physical Units Work in process, beginning (30% complete) 32,000 Started during the month 158,000 Total units to account for 190,000 Good units completed and transferred out during the current period From beginning work in process 32,000 Started and completed 100,000 Total goods completed 132,000 Spoiled units 16,000 Work in process, ending (60% complete) 42,000 Total units accounted for 190,000 Costs Beginning inventory $420,000 Direct materials 80,000 Conversion costs 500,000 Total beginning inventory Costs added during current period: Direct materials 2,880,000 Conversion costs 1,964,000 Total costs to account for 5,344,000 Required: a. Prepare a process cost report using the weighted average method. b. Prepare a process cost report using the FIFO method