Name Managerial Accounting Assignment 3-1 Average Cost Method for Process Costing This assignment is worth 15 points, and will be due on Friday, April 3, 2020. Hoppy Products, Inc, had the following costs related to production for the month of April: Cost Area Materials Labor Factory Overhead WIP 4/1/20 $ 487,000 611.000 432.000 Current Costs $ 3,977,000 4,907,000 3,474,000 The beginning work in process consisted of 64,000 units, which were 75% complete. During April 572,000 units were completed and transferred to finished goods. At the end of the month work in process consisted of 60,000 units, which were 80% complete. Instructions: Prepare a Cost of Production Summary, assuming that Hoppy uses a weighted average cost flow assumption in valuing its work in process inventory