Question 2 (20 marks) Janes Paper Products (JPP) manufactures inkjet, laser and specialty papers for the consumer market. JPP uses a process costing system. Information for February in the first processing department (Mixing) is as follows. Physical Direct Materials Conversion Quantities Costs (in tonnes) Beginning WIP 60,000 $4,070,220 $751,080 (DM 90% complete, CC 40% complete) Started in 412,500 February Completed and 382,500 transferred in February Ending WIP 90,000 (DM 60% complete, CC 30% complete) Costs added $26,564,625 $11,484,045 during February 2011 Required: 1. Using Weighted-Average Method compute equivalent units for direct material and conversion costs. Prepare Cost of Production Schedule that includes the cost per equivalent units for direct material and conversion costs, and summary of costs to account for and the cost of units transferred and the cost of the units in ending work in process. 2. Using FIFO Method compute equivalent units for direct material and conversion costs. Prepare Cost of Production Schedule that includes the cost per equivalent units for direct material and conversion costs, and summary of costs to account for and the cost of units transferred and the cost of the units in ending work in process