Question No.1 (a) Simon Clothing Inc is a manufacturer of winter clothes. It has a Knitting Department and a finishing department. Material cost is usually added at the end of processing the products. Apart from direct material and conversion costs, the knitting department also incurs transferred-in cost They uses the weighted- average method of process costing. The following information for the month June 2019 is available from Knitting Department. Physical Transferred- Direct Conversion Units in cost Material Cost Work-In Process, Beginning 75 $75,000 $000 $30,000 Inventory Degree of Completion, 100% 0% 50% beginning work in process Transferred in during June 135 Completed and transferred out 150 during June Work-In Process, ending 60 Inventory (June 30) Degree of Completion, ending 100% 0% 75% work in process Total costs added during June $142,500 $37,500 $78,000 1. Determine the equivalent units of transferred-in costs, direct materials, and conversion costs. 2. Compute the cost per equivalent unit for transferring costs, direct material, and conversion cost. 3. Determine the total cost of ending work in process inventory and total cost of units transferred to finishing department. 4. Prepare a reconciliation report. (b) Discuss how cost accumulation differs in process costing from job-order costing. (e) If Simon clothing used FIFO method in process costing, will this lead to different results from computed above? Why? [No commutation needed]