1. You were given the following production data: Dept 1: Cutting Dept. 2: Assembly In process,...

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1. You were given the following production data: Dept 1: Cutting Dept. 2: Assembly In process, Feb 1 2,000 units 5,000 units Stage of completion Transferred out 1/2 15,000 units 2/5 ? In process, Feb 29 5,000 units 5,000 units Stage of completion 1/4 2/5 Cost: Work in process, Feb 1 Materials $4,000 17,500 Labor 5,000 30,000 Overhead 1,950 10,000 From Cutting Dept. 12,000 Costs in February Materials $89,900 8,500 Labor Overhead 45,000 45,000 42,000 22,500 a) Assume even application of costs for both departments. Prepare the cost of production report of Dept. 1 and 2, respectively, using (1) weighted average method and (2) FIFO. Round off all unit costs to two decimal places. b) Assume that all materials are added at the start of the process in the Cutting Department while in the Assembly Department, 25% of materials are added at the start of the process and the balance at 3/4 completion. Conversion costs are applied evenly in both departments. Prepare the cost of production report of Dept. 1 and 2, respectively, using (1) weighted average method and (2) FIFO. Round off all unit costs to two decimal places. 1. You were given the following production data: Dept 1: Cutting Dept. 2: Assembly In process, Feb 1 2,000 units 5,000 units Stage of completion Transferred out 1/2 15,000 units 2/5 ? In process, Feb 29 5,000 units 5,000 units Stage of completion 1/4 2/5 Cost: Work in process, Feb 1 Materials $4,000 17,500 Labor 5,000 30,000 Overhead 1,950 10,000 From Cutting Dept. 12,000 Costs in February Materials $89,900 8,500 Labor Overhead 45,000 45,000 42,000 22,500 a) Assume even application of costs for both departments. Prepare the cost of production report of Dept. 1 and 2, respectively, using (1) weighted average method and (2) FIFO. Round off all unit costs to two decimal places. b) Assume that all materials are added at the start of the process in the Cutting Department while in the Assembly Department, 25% of materials are added at the start of the process and the balance at 3/4 completion. Conversion costs are applied evenly in both departments. Prepare the cost of production report of Dept. 1 and 2, respectively, using (1) weighted average method and (2) FIFO. Round off all unit costs to two decimal places.