The following information relates to the production of cases of pre-mixed whisky cans in January 2023:

Work in process - 01/01/2023 (75% complete)	3,600 cases
Raw materials	$81,000
Conversion	$27,000
Work in process - 31/01/2023 (82% complete)	2,950 cases
Cases commenced in January	46,000 cases
Costs incurred:
Raw materials	$927,420
Conversion	$310,150

Required:

Use Excel to determine the value of the closing work-in-process and the value of goods transferred out during the period under the:

Weighted Average Cost Method.

First-in-First-Out (FIFO) method.

Briefly discuss your results under both the weighted average cost and FIFO methods. Identify the underlying reasons for any differences and provide a recommendation in regards to which method provides the most relevant information for management decision making.