Answer Happy

QUESTION 2 (25 marks) Balzer Inc. uses a process cost system to produce flaxseed oil. The following information relates to the operations for the month of June 2021. Beginning work-in-process inventory, June 1 Started in production during June Completed production during June Ending work-in-process inventory, June 30 The beginning inventory was 60 percent complete for materials and 20 percent complete for conversion costs. The ending inventory was 90 percent complete for materials and 40 percent complete for conversion costs. Costs pertaining to the month of June are as follows: Beginning inventory costs are: Materials Direct Labour Factory Overhead $409,200 $177,300 $114,300 Costs incurred during September are: Materials used Direct Labour Factory Overhead Units 120,000 750,000 690,000 180,000 $3,510,000 $1,346,700 $2,933,700 REQUIRED: 1. Using the weighted average method, determine the equivalent units of production for conversion costs (hint: number of units). (6 marks) 2. Using the weighted average method, determine the cost per unit for materials and reconcile the costs. (6 marks) 3. Using the first-in, first-out (FIFO) method, determine the equivalent units of production for materials (hint: number of units). (3 marks) 4. Using the first-in, first-out (FIFO) method, determine the cost per unit for conversion costs and reconcile the costs. (6 marks) 5. Prepare the process for account for the weighted average methods. (4 marks)