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Problem 8-63 (Static) Prepare a Production Cost Report and Adjust Inventory Balances: WeightedAverage Method (LO 8-3,4) The records of Tillman Corporation's initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs: As the auditor, you have learned the following information. Ending work-in-process inventory is 35 percent complote with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overheod is applied at the rate of 90 percent of the direct labor costs. There was no finished goods inventery at the start of the period. The following additional information is also available: Required: a. Prepare a production cost report for Tiliman using the weighted-average method. b. Show the journal entry required to correct the difference between the unaudited records and actual ending balances of Work:inProcess inventory and Finished Goods inventory. Debit or credit Cost of Goods Sold for any difference. c. If the adjustment in requirement (b) is not mode, will the company's income and inventoties be overstated or understated? Complete this question by entering your answers in the tabs below. Prepare in production cost reosit for Trimen using the weighted-average method. (hint: You wili need to calculate tequivalent units for three categories materials, lebor, and overthesdi) Notel Round "Eost per equivatent unit" to 2 decimal ptoces