Part B Process Order Costing (24 marks) 1. What is process order costing? (2 marks) 2. What is the main difference between Job Order Costing and Process Order Costing? (2 marks) 3. What is the function of the Cost of Production Report? (2 marks) 4. The ABC Company produces widgets in a two-step process. In process #2 the beginning work-in- process was 10,000 units with direct materials cost of $50,000 and conversion costs totaling $35,000. The beginning work in process was 75% complete as to conversion costs. All direct materials are introduced into production at the beginning of the process. There were 55,000 units transferred in during the month. For process #2 ABC Company introduced $299,750 worth of direct materials during the month. Total conversion costs were $263,375. The ending work in process had total units of 5,000 and were 25% complete as to conversion costs. There were 60,000 units transferred out. a. What are the units started and completed in the month? (2 Marks) b. What are the Equivalent Units of Production for each of Beginning Work in Process, Units Started in the Month and the Ending Work in Process? (5 marks) c. What are the unit costs? (2 marks) d. What is the total costs allocation to: i. Beginning Work-in-Process, (3 marks) ii. Ending Work-in-Process (3 marks) iii. and the Units Started and Completed (Finished Goods)