Question 3 Hi-Tech Mortgage Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September: 1. $1,160 3,880 2. Applications in process on September 1, 80 Applications started in September, 1,180 Completed applications during September, 820 Applications still in process at September 30 were 100% complete in terms of materials (forms) and 60% complete in terms of conversion costs. Beginning work in process: Direct materials Conversion costs September costs: Direct materials Direct labour 3. $7,660 11,050 11,086 4. Overhead Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. Calculate the unit costs and prepare a cost reconciliation schedule. Costs Materials Conversion Costs Total Unit costs Costs in September 7660 22136 9796 Equivalent units 1260 1084 Unit costs 6.08 20.42 26.5 Costs to be accounted for Work in process, September 1 5040 Started into production 9796 Total costs 14836 TULUI CUJUS Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, September 30 Materials Conversion costs Total costs LINK TO TEXT LINK TO TEXT Attempt