Problem \# 2 Prepare production cost report. The welding department of Iron Manufacturing Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Instructions Prepare a production cost report for the welding department for the month of February. Problem \# 3: Determine equivalent units, unit costs, and assignment of costs. Micro-Chips Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September: Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. Instructions a. Determine the equivalent units of service (production) for materials and conversion costs. b. Calculate the unit costs and prepare a cost reconciliation schedule. Lecture Practice Material Ch 4 - Process Costing Problem \# 1: Calculate equivalent units, unit costs, and costs assigned. The polishing department of ABC Manufacturing Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process. - Production: Beginning inventory of 2,500 units that are 100% complete in terms of materials and 30% complete in terms of conversion costs; units started during the period are 12,000; ending inventory of 3,000 units are 10% complete in terms of conversion costs. - Manufacturing costs: Beginning inventory costs, comprising $25,000 of materials and $28,080 of conversion costs; materials costs added in polishing during the month, $120,725; labour and overhead applied in polishing during the month, $100,020 and $300,240, respectively. Instructions a. Calculate the equivalent units of production for materials and conversion costs for the month of September. b. Calculate the unit costs for materials and conversion costs for the month. c. Determine the costs to be assigned to the units transferred out and in process