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1. Trendy Clothing, Inc. is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Trendy uses the weighted-average method of process costing. The following information for June 2020 is available. Data Home Insert Page Layout Formulas Review View B D Physical Units Transferred-In Direct Conversion 1 (tons) Costs Materials Costs 2 Work in process, beginning inventory (June 1) 60 $ 60,000 $ 0 $24,000 3 Degree of completion, beginning work in process 100% 0% 50% 4 Transferred-in during June 100 5 Completed and transferred out during June 120 6 Work in process, ending inventory (June 30) 40 7 Degree of completion, ending work in process 100% 0% 75% 8 Total costs added during June $117,000 $27,000 $62,400 Required: a) Prepare a production cost report using weighted average method. b) Suppose that Trendy uses the FIFO method instead of the weighted average method in all of its departments. The only changes under the FIFO method are that total transferred-in costs of beginning work in process on June 1 are $45,000 (instead of $60,000) and total transferred-in costs added during June are $114,000 (instead of $117,000). Prepare a production cost report. 2. Sally May, Inc., designs and manufactures T-shirts. It sells its T-shirts to brand-name clothes retailers in lots of one dozen. SallyMay's May 2020 static budget and actual results for direct inputs are as follows: Static Budget Number of T-shirt lots (1 lot = 1 dozen) 400 Per Lot of T-shirts: Direct materials Direct manufacturing labor 14 meters at $1.70 per meter = $23.80 1.6 hours at $8.10 per hour = $12.96 Actual Results Number of T-shirt lots sold 450 Total Direct Inputs: Direct materials Direct manufacturing labor 6,840 meters at $1.95 per meter = $13,338 675 hours at $8.20 per hour = $5,535 SallyMay has a policy of analyzing all input variances when they add up to more than 10% of the total cost of materials and labor in the flexible budget, and this is true in May 2020. The production manager discusses the sources of the variances: "A new type of material was purchased in May. This led to faster cutting and sewing, but the workers used more material than usual as they learned to work with it. For now, the standards are fine." Required: a. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2020. What is the total flexible-budget variance for both inputs? b. Sally King, the CEO, is concerned about the input variances. But she likes the quality and feel of the new material and agrees to use it for one more year. In May 2021, Sally May again produces 450 lots of T-shirts. Relative to May 2020, 2% less direct material is used, direct material price is down 5%, and 2% less direct manufacturing labor is used. Labor price has remained the same as in May 2020. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2021. What is the total flexible-budget variance for both inputs