Question 2: Traffic Control Systems makes bright rubber traffic cones. The company has two departments, Melting and Forming. Raw materials are introduced at various stages throughout the melting process. The following is the department's work in process T-Account for August: Work in Process - Melting Department Aug 1 balance: (200 kilograms; 80% Completed and transferred to the complete as to materials, 70% complete as packaging department 2 to conversion) 352 kilograms) Costs added: Materials (2,050 kilograms) 890 Labour 400 Overhead 2,000 Aug 31 balance (40 kilograms, 50% complete as to materials, 60% complete as to conversion) The August 1 work in process includes material of $100, labour of $52, and overhead of $200. Required: Using the weighted average method, prepare a production cost report for the company. Question 3: Train Co. utilizes process costing for its main product, toy trains. Data relating to toy trains processed in Department 1, Moulding, during August are presented as follows: Percentage Completed 70% Work in Process, beginning Started into Process during Period Work in Process, ending * relates to conversion costs Toy Trains 40,000 60,000 20,000 B0% * related to conversion costs Materials are added at the beginning of the process in Department 1. Costs in beginning work in process inventory were $250,000 of direct materials and conversion cost of $500,000. Costs added during the period were $390,000 for direct materials and conversion costs of $780,000. The company uses the FIFO method of accounting for units. Required: a. Prepare a quantity schedule. b. Compute the equivalent units for the period according to the FIFO method of accounting for units. c. Calculate the cost per equivalent unit using the FIFO method. Round answer to two decimal places