The Assembly Department of UVW Ltd. uses a process cost accounting system and a weighted- average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, RM190,000 of materials costs and RM135,500 in conversion costs were charged to the department. The beginning work in process inventory was RM93,000 on July 1, 20X1, comprised of RM80,000 of materials costs and RM13,000 of conversion costs. Other data for the month of July are as follows: Beginning work in process inventory, July 1, 20x1 25,000 units (40% complete) Units completed and transferred out 90,000 units Ending work in process inventory, July 31, 20X1 30,000 units (30% complete) Required: a) Prepared the production cost report of the assembly department for July 20X1 on behalf of UVW. i) Use the weighted average method. (15 marks) ii) Use the FIFO method (approximately the unit cost per equivalent unit to the nearest 4 decimal places) (13 marks) b) The FIFO cost flow assumption is better than the weighted average method. Do you agree and why? (4 marks)