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Acct 351 Cost and Managerial Accounting Mid Term Bonus Assignment (Optional) [5%] Makani Handcraft is...

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Acct 351 Cost and Managerial Accounting Mid Term Bonus Assignment (Optional) [5%] Makani Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem focuses on the assembly department. The process-costing system at Makani has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added at the beginning of the process. Conversion costs are added evenly during the assembly department's process. Consider the following data for the assembly department in June 2020: Physical units (Frames) Direct materials Direct labour Work in progress (June 1) 80 $1,500 $150 Completed during June 500 Work in progress June 30 200 Total costs added during June $17,800 $11,500 Degree of completion is as follows: Work in progress (June 1): 100% 60% Work in progress June 30 100% 25% Required: Compute the costs assigned to products using two methods: 1. Weighted average method (WAM); [2 Marks] 2. First in First Out (FIFO) [3 Marks] Show your workings clearly

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