$\backslash$table$[[($a$)($i$)$ WA method,$\backslash$table$[[$Transferred$],[-$ In$]],\backslash$table$[[$Direct$],[$Material$]],\backslash$table$[[$Conversion$],[$Costs$]]],[$Equivalent units,,,$],[$Cost per equivalent unit $($$$),,,]]$

$\begin{array}{cc}\text{A}\text{s}\text{s}\text{i}\text{g}\text{n}\text{m}\text{e}\text{n}\text{t}ofcoststo\text{:}& ?\\ \text{C}\text{o}\text{m}\text{p}\text{l}\text{e}\text{t}\text{e}\text{d}\text{a}\text{n}\text{d}\text{t}\text{r}\text{a}\text{n}\text{s}\text{f}\text{e}\text{r}\text{r}\text{e}\text{d}\text{o}\text{u}\text{t}& ?\\ \text{E}\text{W}\text{I}\text{P}& ?\\ \text{T}\text{o}\text{t}\text{a}\text{l}cost\text{a}\text{c}\text{c}\text{o}\text{u}\text{n}\text{t}\text{e}\text{d}\text{f}\text{o}\text{r}& ?\end{array}$

$\backslash$table$[[($a$)($ii$)$ FIFO method,$\backslash$table$[[$Transferred$],[-$ In$]],\backslash$table$[[$Direct$],[$Material$]],\backslash$table$[[$Conversion$],[$Costs$]]],[$Equivalent units,,,$],[$Cost per equivalent unit $($$$),,,]]$

$\begin{array}{cc}\text{A}\text{s}\text{s}\text{i}\text{g}\text{n}\text{m}\text{e}\text{n}\text{t}ofcoststo\text{:}& ?\\ \text{C}\text{o}\text{m}\text{p}\text{l}\text{e}\text{t}\text{e}\text{d}\text{a}\text{n}\text{d}\text{t}\text{r}\text{a}\text{n}\text{s}\text{f}\text{e}\text{r}\text{r}\text{e}\text{d}\text{o}\text{u}\text{t}\text{f}\text{r}\text{o}\text{m}\text{:}& ?\\ \text{B}\text{W}\text{I}\text{P}& ?\\ \text{C}\text{o}\text{s}\text{t}to\text{c}\text{o}\text{m}\text{p}\text{l}\text{e}\text{t}\text{e}& ?\\ \text{S}\text{t}\text{a}\text{r}\text{t}\text{e}\text{d}\text{a}\text{n}\text{d}\text{c}\text{o}\text{m}\text{p}\text{l}\text{e}\text{t}\text{e}\text{d}& ?\\ \text{T}\text{o}\text{t}\text{a}\text{l}costsof\text{c}\text{o}\text{m}\text{p}\text{l}\text{e}\text{t}\text{e}\text{d}\text{u}\text{n}\text{i}\text{t}\text{s}& ?\\ \text{E}\text{W}\text{I}\text{P}& ?\\ \text{T}\text{o}\text{t}\text{a}\text{l}cost\text{a}\text{c}\text{c}\text{o}\text{u}\text{n}\text{t}\text{e}\text{d}\text{f}\text{o}\text{r}& ?\end{array}$Prepare the FINFIN Department production cost report for the month of February $2024$ using

$($round up to $2$ decimal place$)$:

i$.$ Weighted Average method $(9$ marks$)$

ii$.$ FIFO method $(13$ marks$)$

Note: You must prepare the production cost report using EXCEL.QUESTION $1(22$ MARKS$)$

SUPREMO Manufacturer manufactures a single product, RIRICE, which passes through the

MIXMIX Department and FINFIN Department.

Manufacturing begins in the MIXMIX Department. All units are then transferred to the

FINFIN Department.

In the FINFIN Department, further materials are added and processed until completion, and

transferred to the finished goods inventory. Overhead is allocated based on $80\%$ of direct

labor cost.

Work in process in the FINFIN Department on $1$ February was $40,000$ units $($Materials: $80\%$

complete; Conversion: $65\%$ complete$).$ The costs included in these units were as follows:

Units transferred in from MIXMIX were charged at $$18\mathrm{.}20$ per unit.

During the month, the FINFIN Department completed and transferred $60,000$ unitsto

finished goods inventory. The ending work in process for the FINFIN Department

was $25,000$ units $($Materials: $70\%$; Conversion: $60\%).$

FINFIN Department's costs in February were:

Required:

Prepare the FINFIN Department production cost report for the month of February $2024$ using

$($round up to $2$ decimal place$)$:

i$.$ Weighted Average method

$(9$ marks$)$

ii$.$ FIFO method

$(13$ marks$)$

Note: You must prepare the production cost report using EXCEL.