Question 1: (4 marks)

XYZ Co has 6 main products. Each product has to go through a number of processes.

Required:

Describe four (4) ways that production cost reports for the various products can be used by managers of XYZ Co in decision-making.

Question 2: (16 marks) -to be done in Ms-Excel file

Assembly Department has gathered the following information for March 2022:

$

Units of beginning work in process 12,000

Units started into production 38,000

Units completed and transferred out 40,000

Units of ending work in process 20,000

Percentage of completion of conversion costs of ending work in process. 30%

$

Cost of opening work-in-process:

Direct materials (100% complete) .. $30,000

Conversion cost (partially complete) $15,000

$

Costs incurred in the month:

Direct materials.. $90,000

Conversion costs $54,000

Required:

Prepare a Production Cost Report for Assembly Department for March 2022. This is to be done using Ms-Excel file.