NAME(PR DATE PROBLEM 1 Lancer Company uses the weighted -average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process Percent completed with respect to materials ..- Percent completed with respect to conversion Cost in the beginning inventory 5,000 90% 80% Materials cost $13,400 Units started into production during the month Units completed and transferred out during month Costs added to production during the month: 30,000 Materials cost Conversion cost .. $.87, 800 $93,000 Work in process, ending 4,000 75% Percent compieted with respect to materials Percent completed with respect to conversion 50% Required 1) Prepare a worksheet showing 4 steps: number of units to account for; the number of equivalent units produced, the cost per equivalent unit, and the assignment of costs. 2) Answer the following questions from the work sheet you prepared: a) What is the number of equivalent units of direct material under FIFO? b) What is the number of equivalent units of conversion cost under weighted average? c) Determine the total cost per equivalent unit (WA) d) Determine the cost of ending inventory (WA) e) Determine the cost of good units transferred out(WA)-- ..............- f) How much is total cost accounted for ?- DATE PROBLEM I The following is Addison Corporation's contriburtion form The company has income statement for lest month. beginning or ending inventories. A total of 10,000 units were produced no and sold last month. The following is last month's contribution format income statement Sales (10,000 units) Variable expenses $1,200,000 800.000 400,000 margin Fixed expenses Net operating incoe160.000 1) Determine the company's unit contribution margin 2) Calculate the company's break-even in units using the formula method. 3) Determine the break-even dollars using the equation method 4) How many units would the company have to sell to attain the target profit of $180,000? formula method) 5) Calculate the company's margin of safety in doliars 6Asunsing a 5% increase in sales, what would be the new vet operauting ncome (we the deye of Opastiny leverags