2. How should managers dispose of under or over-allocated manufacturing overhead costs at the end of the fiscal year! 3. How is the cost of goods manufactured calculated during the current accounting period? 4. What methods can be used to allocate joint costs to individual products?? Revel Revier IV. problem solving (23-22-45marks) 1. Assume a product requires three processes for its manufacture, 1, 2. The following data relates to Process for the month of January. A raw material. Material M is added at the beginning of process and conversion costs are incurred uniformly. The assembly division uses the weighted average method of process costing. Units: WIP January 10,000, 50% complete Units started 10.000 Units completed 20.000 WIP Manuary 3/ is two-thirds complete Costs: Opening WIP-Total $120,000 (Material 550,000 Direct Labour $30,000; Overhead $40,000) Current Period Costs-Total $143.000 Material M added at the beginning) $35,000 Conversion costs: DL $60.000 OH $48.000 Required: (1 Compute equivalent units for materials and conversion costs. (2x3-6marks) (2)Summarize total process costs for the Jan, and compute cost per equivalent unit ((2x3-6marks) (3)Assign total costs to units completed and to units in ending work in process. (2x3 marks marks) (4) Show the five steps process costing in schedule(Smarks) Result Reviewer IV. problem solving (23+22-45marks) 1.Assume a product requires three processes for its manufacture, 1, 2. The following data relates to Process 1 for the month of January. A raw material, conversion costs are incurred uniformly. The assembly division uses the weighted average method of process costing. Units: WIP January 1 10,000, 50% complete Units started 10,000 Units completed 20,000 WIP January 31 is two-thirds complete Costs: Opening WIP - Total $120,000 (Material M $50,000; Direct Labour $30,000; Overhead $40,000) Current Period Costs - Total S143,000 Material M (added at the beginning) $35,000 Conversion costs: DL $60,000 OH $48,000 Required: (1) Compute equivalent units for materials and conversion costs. (2x3-6marks) (2)Summarize total process costs for the Jan, and compute cost per equivalent unit (2x3-6marks) (3)Assign total costs to units completed and to units in ending work in process. (2x3 marks marks) (4) Show the five steps process costing in schedule(5marks)