What is process order costing? $(2$ marks$)$

What is the main difference between Job Order Costing and Process Order Costing? $(2$ marks$)$

What is the function of the Cost of Production Report? $(2$ marks$)$

The ABC Company produces widgets in a two$-$step process. In process #$2$ the beginning work$-$in$-$

process was $10,000$ units with direct materials cost of $$50,000$ and conversion costs totaling $$35,000.$

The beginning work in process was $75\%$ complete as to conversion costs. All direct materials are

introduced into production at the beginning of the process. There were $55,000$ units transferred in

during the month. For process #$2$ ABC Company introduced $$299,750$ worth of direct materials during

the month. Total conversion costs were $$263,375.$ The ending work in process had total units of $5,000$

and were $25\%$ complete as to conversion costs. There were $60,000$ units transferred out.

a$.$ What are the units started and completed in the month? $(2$ Marks$)$

b$.$ What are the Equivalent Units of Production for each of Beginning Work in Process, Units

Started in the Month and the Ending Work in Process? $(6$ marks$)$

c$.$ What are the unit costs? $(2$ marks$)$

d$.$ What is the total costs allocation to:

i$.$ Beginning Work$-$in$-$Process, $(3$ marks$)$

ii$.$ Ending Work$-$in$-$Process $(3$ marks$)$

iii. and the Units Started and Completed $($Finished Goods$)?(3$ marks$)$

$4-7$