B I Uabe XXAAParagraph Styl This project studies product costing using a process costing system. l) Use the weighted average method of process costing. 2) Apply process costing methods to cases with transferred in costs. The Lamarie Factory manufactures expensive boots in a two department production environment. Production starts in the tanning department and is completed in the finishing department. All direct materials are added in the tanning department. A partial list of data for the month follows Beginning work in process Units % Complete as to direct materials % Complete as to conversion costs Direct materials/Transferred in costs Conversion costs Tanning not available 100% 40% $6,000 $18,000 4,000 100% 60% $7,000 $10,000 Units started in production Units completed and transferred out Direct materials/Transferred in costs added Conversion costs added Costs transferred out not available 16,000 $18,000 $32,000 $50,000 not available 18,000 not available $19,000 not available Units % Complete as to direct materials % Complete as to conversion costs not available 100% not available 2,000 30% Required: A. Prepare a units of production schedule for the FINISHING department that details units to account for B. Prepare a costs of production schedule for the FINISHING department that details total costs to units accounted for and equivalent full units of production. account for, costs per equivalent full unit of production and total costs accounted for. (Note: there will be a small rounding difference in the cost reconciliation) 100% Page 1 of 1 This quiz contains various types of questions. It covers material from chapter B