Question 2 Wellington Holdings uses the Weighted Average process costing method to account for production. The following information is available for a recent period: Beginning work in process on January 1 consisted of 90,000 units that were 80% complete with respect to raw materials and 40% complete with respect to conversion costs. Ending work in process on January 31 consisted of 50,000 units that were 60% complete with respect to raw materials and 50% complete with respect to conversion costs. 200,000 units were put into production during the month of January. Beginning work in process carried a total cost of $750,000 ($387,000 Direct Materials and $353,000 Conversion Costs). Additional costs incurred during the month were Direct Materials $693,000, Direct Labour $674,000 and Manufacturing Overhead of $700,000. Required: (a) Prepare a schedule reconciling the Physical Flow of Units. (b) Calculate the Equivalents Units for Direct Materials and Conversion Costs. (c) Calculate the Cost per Equivalent Units. (d) Determine the Cost of Completed Units for January. (e) Determine the Cost assigned to Ending Work in Process Inventory for January. Question 3 Kaliedoscope Paints started September with 3,000 tins of paint in production (beginning work in process), which were 100% and 60% completed with respect to materials and conversion costs respectively. Beginning work in process carried a total cost of $5,010. During September, 7,000 tins of paint were put into production. At the end of September, there were 2,000 tins of paint still in production (ending work in process), 100% completed with respect to materials and 30% completed with respect to conversion costs. Costs incurred during the month were Direct Materials $5,740, Direct Labour $5,100 and Manufacturing Overhead $3,400. The company uses the FIFO Method. Required: (a) Prepare a cost of production report for September. This report should include: L Reconciliation of the Physical Flow of Units il. Equivalent Units iii. Cost per Equivalent Unit iv. Cost of Completed Units for September V. Cost assigned to Ending Work in Process Inventory for September