Question 1 (10 Marks) The Metal Works Company manufactures a product that goes through two departments prior to completion. The following information is available on work in one of these departments, the Forming Department, during March: Percentage Completed Materials Conversion 557 31 Work in process, March 1 Started into production Completed and transferred out Work in process, March 31 Units 70,000 460,000 450,000 80,000 7/8 518 Cost in the beginning work-in-process inventory and cost added during the month were as follows: Work in process, March 1 Cost added during March Materials $ 42,190 $440,810 Conversion $ 38,000 $ 394,000 The Forming Department is the first department in the production process; after forming has been completed, the units are transferred to the Finishing Department. Required: a) Assuming the company uses the weighted average method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show your work. (5 Marks) b) (Appendix 6A) Assuming the company uses the FIFO method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show you work. (5 Marks) Yum Yung Meat Company uses a process costing system. The following information relates to one month's activity in the company's Curing Department: Conversion Percentage Complete 20% Units Beginning work in process inventory Units started Units completed and transferred out Ending work in process inventory 10,000 21,000 26,000 5,000 80% The conversion cost of the beginning inventory was $6,500. During the month, $112,000 in additional conversion cost was incurred. Required: a) Assume that the company uses the FIFO method. Compute the following: 1. The equivalent units of production for conversion for the month. (2Marks) 2. The cost per equivalent unit for conversion for the month. (1 Mark) 3. The total cost transferred out during the month. (3 Marks) 4. The cost assigned to the ending work-in-process inventory. (2 Marks) b) Assume that the company uses the weighted-average cost method. Compute the following: 1. The equivalent units of production for conversion for the month. (1 Mark) 2. The cost per equivalent unit for conversion for the month. (2 Marks) 3. The total cost transferred out during the month. (1 Mark) 4. The cost assigned to the ending work-in-process inventory. (2Marks)