The project must be completed and submitted as a Microsoft Excel file (.xlsx). Please note that other file formats (such as Apple Numbers or Google Sheets) will not be graded. If you submit a file in a format other than .xlsx, your group will receive a zero on this assessment. The project is due April 8, 2022 at 11:59PMand must be submitted via Blackboard. Late submissions will NOT be accepted. Extensions will not be granted under any circumstances. Cannon Inc. Cannon Inc. produces the very popular PowerShoot digital camera. All sales are made on account. The manufacturing process takes place in three sequential departments: mechanical, assembly, and testing. Conversion costs in all three departments are added on a uniform basis. Partial sales, cost, and production data for December 2021 are as follows: Sales Selling price 25,000 cameras $300 per camera Mechanical Cameras in process, December 1 70% complete Units 3,000 Material A $42,000 Material B $150,000 Direct labour $12,600 Overhead $25,200 Cameras started into production Units 35,000 Costs added to production in December Material A $737,500 Material B $2,100,000 Direct labour $177,000 Overhead $354,000 Completed and transferred out Units 30,000 Cameras in process, December 31 20% complete Material A is added to the mechanical process on a uniform basis Material B is added at the beginning of the mechanical process Assembly Cameras in process, December 1 60% complete Units 5,000 Transferred-in $440,000 Material C $5,000 Conversion $45,000 Costs added to production in December Material C $60,000 Material D $175,000 Conversion $93,900 Cameras in process, December 31 90% complete Units 7,000 Material C is added when assembly is 40% complete Material D is added when assembly is 80% complete Testing Cameras in process, December 1 40% complete Units 2,000 Transferred-in $216,000 Conversion $1,600 Costs added to production in December Conversion $86,400 Completed and transferred out Units 26,000 Cameras in process, December 31 60% complete Units 1,000 Normal spoilage is 8% of units completed. All spoilage is identified at the end of production in the testing department. Finished Goods December 1 Units Weight-average unit cost FIFO unit cost 2,000 $120 $130 Required: 1.) Using the weighted-average method, a.) Prepare production reports for the three departments. b.) Prepare journal entries to record all activities in each department. Compute gross profit for December 2021. d.) Prepare journal entries to record sales and cost of goods sold. 2.) Using the FIFO method, a.) Prepare production reports for the three departments. b.) Prepare journal entries to record all activities in each department. c.) Compute gross profit for December 2021. d.) Prepare journal entries to record sales and cost of goods sold. The project must be completed and submitted as a Microsoft Excel file (.xlsx). Please note that other file formats (such as Apple Numbers or Google Sheets) will not be graded. If you submit a file in a format other than .xlsx, your group will receive a zero on this assessment. The project is due April 8, 2022 at 11:59PMand must be submitted via Blackboard. Late submissions will NOT be accepted. Extensions will not be granted under any circumstances. Cannon Inc. Cannon Inc. produces the very popular PowerShoot digital camera. All sales are made on account. The manufacturing process takes place in three sequential departments: mechanical, assembly, and testing. Conversion costs in all three departments are added on a uniform basis. Partial sales, cost, and production data for December 2021 are as follows: Sales Selling price 25,000 cameras $300 per camera Mechanical Cameras in process, December 1 70% complete Units 3,000 Material A $42,000 Material B $150,000 Direct labour $12,600 Overhead $25,200 Cameras started into production Units 35,000 Costs added to production in December Material A $737,500 Material B $2,100,000 Direct labour $177,000 Overhead $354,000 Completed and transferred out Units 30,000 Cameras in process, December 31 20% complete Material A is added to the mechanical process on a uniform basis Material B is added at the beginning of the mechanical process Assembly Cameras in process, December 1 60% complete Units 5,000 Transferred-in $440,000 Material C $5,000 Conversion $45,000 Costs added to production in December Material C $60,000 Material D $175,000 Conversion $93,900 Cameras in process, December 31 90% complete Units 7,000 Material C is added when assembly is 40% complete Material D is added when assembly is 80% complete Testing Cameras in process, December 1 40% complete Units 2,000 Transferred-in $216,000 Conversion $1,600 Costs added to production in December Conversion $86,400 Completed and transferred out Units 26,000 Cameras in process, December 31 60% complete Units 1,000 Normal spoilage is 8% of units completed. All spoilage is identified at the end of production in the testing department. Finished Goods December 1 Units Weight-average unit cost FIFO unit cost 2,000 $120 $130 Required: 1.) Using the weighted-average method, a.) Prepare production reports for the three departments. b.) Prepare journal entries to record all activities in each department. Compute gross profit for December 2021. d.) Prepare journal entries to record sales and cost of goods sold. 2.) Using the FIFO method, a.) Prepare production reports for the three departments. b.) Prepare journal entries to record all activities in each department. c.) Compute gross profit for December 2021. d.) Prepare journal entries to record sales and cost of goods sold