Swap-swap Inc. is a bike manufacturing company in some of European countries. There is a piece of report for September published: WIP Beginning 2 150 units Units started 3 000 units Completed Units 3 500 units WIP Direct materials, beginning $ 43 000 WIP Conversion, beginning S 25 000 Added Direct materials during month $ 230 000 Direct Labor during month S 100 000 Overhead S 15 000 Swap-swap Inc. adds all direct materials once the process starts at the beginning). Conversion costs are applied evenly throughout the process. Beginning inventory is 20% complete and Ending WIP is 90% complete in terms of conversion costs. Required: Prepare a production worksheet using the weighted average method. Include any calculations you are going to use. You have to assign costs to units completed and ending WIP. Question 2. Total 20 marks (a) Jacque Inc. produces luxury bags with the help of automated process and recycling. The company has the following information for September: Beginning work in process inventory 100 items, 77% complete Units placed in production Units completed 150 Ending work in process inventory 172 items, 20% complete Cost of beginning work in process $100000, consisting of 580 000 materials and $20 000 conversion costs Direct material costs added, current period S 90 000 Conversion costs incurred, current period S55555 Jacque Inc. adds all direct materials once the process starts (at the beginning), while conversion costs are evenly appied throughout the process. Required: Prepare a production worksheet using the FIFO method. Include any calculations you are going to use. You have to assign costs to units completed and ending WIP under FIFO method. 222