Question 3 Hi-Tech Mortgage Company uses department for final processing. The following processing and cost data pertain to September: process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan 1. Applications in process on Beginning work in process: September 1, 80 Direct materials $1,160 Applications started in Conversion costs 2. 3,880 September, 1,180 September costs: 3. Completed applications during $7,660 Direct materials September, 820 Direct labour 11,050 11,086 4. Applications still in process at September 30 were Overhead 100% complete in terms of materials (forms) and 60% complete in terms of conversion costs. 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. Prepare a production cost report for the welding department for the month of February. (Round unit costs to 2 decimal places, e.g. 15.25.) BALOGH MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 29, 2020 Equivalent Units Physical Units Conversion Quantities Materials Costs Total Units to be accounted for Work in process, February 1 16000 Started into production 44600 Total units 60600 Talking to Survivors of the MS St. tabletmag.com/./what-weve-lear Units accounted for Transferred out 49100 Work in process, February 29 11500 Total units 60600 Costs Unit costs Costs in February %24 Equivalent units Unit costs Costs to be accounted for Work in process, February 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, February 29 Materials Conversion costs Total costs LINK TO TEXT LINK TO TEXT