Question 2: AXA is a skateboard manufacturing company. It has two main departments in its manufacturing process, cutting department and assembly department. The following production and cost data of the assembly department for the month of January 2020: 250,000 units 350,000 units 120,000 units Production Data in Units Work in process units, January 1 Material 100%, Conversion cost 70% Units transferred-in from cutting department. Work in process units, January 31 Material 100%, Conversion cost 30% incomplete Manufacturing Cost Data Work in process costs at January 1: Material Conversion Cost Transferred-in Cost Cost added during January Materials Labor Overhead $ 50,000 $ 45,000 $52,000 $500,000 $ 90,000 $110,000 Instructions Prepare a production cost report for the Assembly Department for the month of January 2020 using process costing system