QUESTION 1 (HOMEWORK) Stabler Chemical Company has two departments mixing and cooking. Production activity begins in the mixing department; after mixing, the units are transferred to the cooking department. From cooking, the units are transferred to finished goods. All the materials involved in mixing and conversion costs are incurred uniformly as work progresses through the mixing department. Overhead cost is applied at the rate of 150 percent of direct labor costs. The following are the cost and other data concern the operations of the mixing department in the month of May: Work in process, beginning: Units in process...... 20,000 Percent complete with respect to materials.. 65% Percent complete with respect to conversion.. 30% Costs in the beginning inventory Materials cost.. $8,000 Labor cost... $3,600 Overhead cost $5,400 Unit started into production during the month.. 180,000 Unit completed and transferred out... 170,000 Costs added to production during the month: Materials cost.. $63,000 Labor cost.. $88,000 Overhead cost applied. ?? Work in process, ending: Units in process... 30,000 Percent complete with respect to materials. 70% Percent complete with respect to conversion. 40% Required: a) Prepare Stabler Chemical's production report for the month based on first-in, first-out (FIFO) method. (45 marks) b) Prepare Stabler Chemical's production report for the month based on weighted average method. (37 marks) (You may use the EXCEL spreadsheet to help do both part (a) and (b)