PROBLEM 1 35 MARKS Neptune Corporation accumulates costs for its single product using process costing. Direct materials are added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. The following has been provided for May: Physical Units Percentage of Completion with Respect to Conversion 25,000 40% Work in process, May 1 Units started during May. 30,000 Work in process, May 31 20,000 80% Direct Total Material Conversion $143,000 $ 474,700 Work in process, May 1 $ 617,700 Costs incurred during May 165,000 2,009,000 2,174,000 Total costs to account for $308,000 $2,483,700 $2,791,700 The Vice President - Operations, wants to ascertain the main differences between the 2 main cost flow assumptions. Required: a) Using the EXCEL templates provided, prepare Production Cost Reports for Neptune Corporation using the: i. Weighted-Average cost flow assumption 15 Marks ii. FIFO cost flow assumption 20 Marks