Problem IV. (30 Points) ROMALY, INC. has several p the Forming Department for December 2008 totaled S1,505,000 as follows: n Process (WIPUmits Units % Completed WIP Beg Bal Units Materials Conversion costs S 40,000 35,000 50,000 25% S 75,000 Total WIP, December L Started into production Costs Added: S 1,173,800 Materials added Labor Manufacturing Overhead Total Conversion Costs S 110,000 146.200 256,200 1,430,000 S 1,505,000 Total Cost added Total Department Costs WIP-End. Bal. December 3 80% Materials Conversion costs 70,000 Required a. b. c- d. e. Compute the physical unit flow, step 1. Determine the equivalent units of production for materials and conversion costs, step 2. Compute the unit cost of production, step 3 Determine the costs to be assigned to the units transferred out and in process. Prepare a production cost report for the Forming Department for the month of December. Problem IV: FOUR SPETS TO PREPARE PRODUCTION COST REPORT FORMING DEPARTMENT INFORMATION UNITS WIP. Dec/1 (Beginning Inventory) Units X Units X % COMPLETED = %COMPLETED = DIRECT MATERIALS: CONVERSION COSTS UNITS STARTED IN PRODUCTION DURING DECEMBER UNITS COMPLETED AND TRANSFERRED OUT TO PACKING WIP, Dec/31 (Ending Inventory) DIRECT MATERIALS CONVERSION COSTS Units X Units X % COMPLETED- % COMPLETED COSTS WIP, Dec/1 (Bebinning Inventory) DIRECT MATERIALS CONVERSION COSTS TOTAL COST OF WIP, Dec/1 (Beginning Inventory) COSTS ADDED INTO WIP DURING PRODUCTION IN DECEMBER DIRECT MATERIALS CONVERSION COSTS (DLS + MOHS TOTAL COST ADDED IN DECEMBER INTO WIP TOTAL WIP MANUFACTURING COSTS IN DECEMBER