1. Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead, consists of $45,000 of direct materials cost and $56,320 conversion cost). $101,320 Costs incurred in September Direct Materials Conversion $375,000 $341,000 Work in process inventory, September 30 (7,000 units, 100% complete with respect To direct materials, 40% complete with respect to conversion) Units started in September Units completed and transferred to finished goods inventory 28,000 23,000 Fill out this Production Report Production Report Physical Direct Conversion Materials Total Units Costs Units to Account For: From Beginning Work In Process Units started during the riod Total Units to Account For Units Accounted For: Completed and transferred out Ending Work in Process Total Units Accounted for Total Equivalent Units Costs to Account For: Beginning Work-in-Process Costs incurred during period Total Costs to Account For: Cost per equivalent unit Cost of Units Completed & transferred out Ending Work In Process Total Costs Accounted For: 2. Zion Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartoons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2005 are presented below. at January Beginning work in process units Units started into production Ending work in process units Percent complete-ending inventory 43,000 3,000 4090 Cost Data Materials $550,400 126,640 Overhead Total 847 040 Fill out this Production Report Production Report Physical Direct Conversion Materials Total Units Costs Units to Account For: From Beginning Work In Process Units started during the riod Total Units to Account For Units Accounted For: Completed and transferred out Ending Work in Process Total Units Accounted for Total Equivalent Units Costs to Account For: Beginning Work-in-Process Costs incurred during period Total Costs to Account For: Cost per equivalent unit Cost of Units Completed & transferred out Ending Work In Process Total Costs Accounted For