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Costing and Control?The purpose of assessment item 2 continues to develop skills in costing and emphasises the role of control in managing the production of goods and services efficiently in the workplace. Each question builds on the knowledge gained through the first assessment to develop the capacity of managing control through costing. Each question uses realistic data and the professional practices similar to that found in workplaces. ?  Note all questions except for Question 9 are from the textbook: Fatseas, Victor & Williams, John, Cost Management (2013) 3rd edition, McGraw Hill QUESTION 1    Must be spreadsheeted ?P5 6  Weighted average cost: opening and closing WIP, and WIP ledger account Paris Paints Company produces a single lacquer paint which passes through two production departments. The following information concerns the first of those production departments. Direct materials are added at the beginning of the production process and conversion costs are incurred uniformly throughout the process. Total conversion costs are computed as direct labour costs, plus 50% of direct labour costs for the allocation of overhead costs.           The following information is available for May:        ?Opening work in process:?     Number of units?     Degree of completion?     Material costs?     Conversion costs??3 000?40%?$5 000?$7 200??        ?May production:?      Units started?     Units completed and transferred to Process 2?     Current material costs?     Current direct labour costs??30 000?32 000?$65 000?$40 000??        ?Closing work in process: ?      Degree of completion??80%??The company uses weighted average costing. There is no spoilage or wastage in the production process.           Required (a)    Prepare a Production Cost Report for May, showing the allocation of costs to closing work in process and to production transferred to the next department. (b)    Prepare the work in process T account for the first production department for May. QUESTION…

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