ACC 3515 MANAGEMENT ACCOUNTING SEMISTER 1, 2018/2019 GROUP EXERCISE 1-PROCESS COSTING DURATION :40 MINUTES Makanan Enterprise is a traditional food processing company based in Gombak, Selangor. The company uses weighted -average cost (WAC) process costing system to cost its product. Part of its operation includes Process M. No additional materials are added in Process M. Conversion costs, consisting of direct labor and applied overhead, occurs evenly throughout the process, Summary data for February 2018 follow (for Process M only) Work in process, February 1 Conversion: 50%, Material: 100% Units started Physical Units Materials Conversion RM36,200 RM16,000 5,000 Good units completed and transferred out 22,500 Work in process, February 28 4,800 Conversion: 80% complete, Material 100% Costs added during February RM42,500 Required: Prepare the production cost report for Process M (25 Marks)