Question 1) Part 1) Ace's Company calculates the cost for an equivalent unit of production using...

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Question 1) Part 1) Ace's Company calculates the cost for an equivalent unit of production using process costing. WIP Inventory, June 1: 12,000 units Direct Materials: 100% complete Conversion: 40% complete 24,000 9,600 Balance in WIP, June 1 33,600 Units started during June 30,400 Units completed and transferred out 30,400 WIP Inventory, June 30: 12,000 units Direct Materials: 100% compleye Conversion: 80% complete Costs incurred during June Direct Materials Conversion costs 57,760 Direct Labor 57,760 Applied Overhead 82,080 Total conversion costs 139,840 Required: 1) Compute the costs per equivalent unit for both the weighted-average and FIFO Methods. Part 2) Explain the differences between job costing and process costing Question 1) Part 1) Ace's Company calculates the cost for an equivalent unit of production using process costing. WIP Inventory, June 1: 12,000 units Direct Materials: 100% complete Conversion: 40% complete 24,000 9,600 Balance in WIP, June 1 33,600 Units started during June 30,400 Units completed and transferred out 30,400 WIP Inventory, June 30: 12,000 units Direct Materials: 100% compleye Conversion: 80% complete Costs incurred during June Direct Materials Conversion costs 57,760 Direct Labor 57,760 Applied Overhead 82,080 Total conversion costs 139,840 Required: 1) Compute the costs per equivalent unit for both the weighted-average and FIFO Methods. Part 2) Explain the differences between job costing and process costing