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Question 4 (Total 19 marks) Cooking Company produces a product that passes through two departments: cutting and cooking. In the cutting department, all materials (direct materials) are added at the beginning of the process. All other manufacturing inputs (direct labour and overhead) are added uniformly. Cooking Company uses the weighted average costing method. The following information relates to the cutting department for June: Beginning Work-in-Process (BWIP), June 1: 100,000kg, 40% complete with respect to conversion costs. The costs assigned to this work are as follows: Direct materials $20,000 Conversion $40,000 Units completed and transferred out: 370,000kg. Ending Work-in-Process (EWIP), June 30: 50,000kg, 60% complete with respect to conversion costs. The following costs were incurred during June: Direct materials $190,000 Conversion $360,000 Required: 1. Prepare a physical flow schedule. 2. Prepare a schedule of equivalent units. 3. Calculate the cost per equivalent unit. 4. Calculate the cost of goods completed and transferred out and the cost of Ending Work- in-Process (EWIP), and total costs accounted for during June. 5. Suppose the cost of manufacturing inputs vary greatly from period to period. On this note, should Cooking Company continue to use the weighted average method to calculate unit costs, or should it consider adopting the alternative, First-In, First-Out (FIFO) method, for greater accuracy? Briefly explain and justify your answer. (4 + 3 + 5.5 +4.5 + 2 = 19 marks) Start your answer here