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Ambassador Lubricants (AL) produces various oil and synthetic-based products. One of the products is produced...

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Accounting

Ambassador Lubricants (AL) produces various oil and synthetic-based products. One of the products is produced at the company's
Bridge Plant in a single department. Two materials are used in the production process. Material A is introduced at the beginning of the
process. Material B is added when the units are 60 percent complete with respect to conversion costs. Data for production during June
follows:
The beginning work-in-process inventory was 75 percent complete with respect to conversion resources. The ending work-in-process
inventory was 25 percent complete
Required:
a. Prepare a production cost report assuming that Ambassador Lubricants uses the weighted-average method of process costing.
b. Prepare a production cost report assuming that Ambassador Lubricants uses the FIFO method of process costing.
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