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Question 1 Beankeepers LLP is a small firm which has two service departments, Finance and Human Resources, as well as three operating departments providing Audit, Corporate Secretarial and Taxation services to clients. Departmental costs for the Finance Department are allocated based on payroll costs while for Human Resources Department it is allocated based on number of employees. The following information has been gathered for the current year: Finance Human Corporate Taxation Resources Secretarial Total Direct $36,000 $18,000 $400,000 $700,000 $300,000 ' department costs Department $30,000 $16,000 $300,000 $450,000 $150,000 payroll costs ' ; l Number of 2 2 ' 9 16 employees The Total Direct department costs are inclusive of the department payroll costs. Departmental pre-determined overhead rates are based on number of hours worked by employees. Each employee works 40 hours per week over a 50week annual period. Required: Compute the total departmental costs for all three operating departments using the direct method of allocating the service department costs. (6 marks) (a) (0 Compute the departmental pro-determined overhead rates for each of the three departments based on the results computed in (i). (Provide your final answers to two decimal places of a dollar.) (3 marks) if the step down method is used, explain which service department should be allocated first. 03) (i) (3 marks) Calculate the total departmental costs for all three operating departments, using the step down method beginning with the Finance Department. (9 marks) (ii) Provide explanation on the difference in the total departmental cost for the operating departments under the Direct and the Step Down methods and comment on whether the choice of allocation method has a signicant impact. (a) {4 marks) Question 2 Hot Handle Company (\"HH\") manufactures non-stick frying pans. HH uses process costing and weighted average costing to account for product costs. The manufacturing process takes place in two sequential departments. Frying pans completed in Moulding Department during a certain calendar month are transferred to Assembly Department to be attached with the handle and packaging, in thefollowing month. The cost data relating to April and May 2020: Moulding Assembly Department Department (Apri12020) 3 (May 2020} 5 Direct material incurred ' $134,000 5 $156,000 1 Conversion costs incurred $228,000 $306,000 Beginning WIP $0 DM $2,000 CC. $1,000 ' Transferred in $2,000 . Ending WIP $0 $? I l There was no beginning and ending work in process ("WIP") in April 2020 for the Moulding Department. All material and conversion costs are added evenly throughout the Moulding process. In Assembly Department, handles (raw material) are added at the beginning of the production process. Frying pans are inspected at 90% point in Assembly Department. If a frying pan does not pass the inspection, no packaging cost is added to the product cost, and the defective frying pans are discarded. At the end of the production process in Assembly Department, 'good' frying pans are transferred to the warehouse for storage. There were 4,000 units of frying pans in W I? at the beginning of May 2020 in Assembly Department. These frying pans were 50% complete with respect to conversion costs. Conversion costs are incurred evenly throughout the production process. At the end of May 2020, there were 1,000 frying pans in \"HP and these frying pans were 80% complete with respect to conversion costs. During May 2020, 180,000 frying pans were started. At the end of May 2020, 177,000 nished frying pans were transferred to the warehouse. Normal spoilage is set at 3% of inspected fging pans. Required: (a) Compute the units of normal and abnormal spoilage for May 2020 in the Assembly Department. (7 marks) (b) (C) Using Weighted Average process costing, calculate (i) the cost per equivalent unit of production for each of the relevant cost categories in HH's Assembly Department for May 2020 (round your costs per equivalent unit to 2 decimal place of a dollar); (ii) the cost incurred for spoilage and WIP at the end of May 2020; and (iii) the cost per frying pan manufactured in May 2020. (21 marks) Write journal entries to close the spoilage costs (normal and abnormal) at the end of May 2020 from Assembly Department