Differentiate between cost tracing and cost allocation. (3 marks)

Product X is sold for $8 a unit and Product Y is sold for $12 a unit. Each product can also be sold at the splitoff point. Product X can be sold for $5 and Product Y for $4. Joint costs for the two products totaled $4,000 for January for 600 units of X and 500 units of Y. What are the respective joint costs assigned to each unit of products X and Y if the sales value at split-off method is used? (6 marks) Copley Enterprises manufactures digital video equipment. For each unit $1,475 of direct material is used and there is $1,500 of direct manufacturing labor at $30 per hour. Manufacturing overhead is applied at $35 per direct manufacturing labor hour. Calculate the cost of each unit. (5 marks)

Weighty Steel processes a single type of steel. For the current period the following information is given:

	Units	Material Costs	Conversion Costs
Beginning Inventory	3,000	$4,500	$5,400
Started During the Current Period	20,000	32,000	78,200
Ending Inventory	2,500

All materials are added at the beginning of the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. Weighty uses the weighted-average costing method.

i) Calculate the equivalent units for material and conversion cost (2 marks) ii) What is the cost per unit for material and conversion (4 marks)