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Special Products Manufacturing Company uses the process costing method with the following data for the...

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Accounting

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Special Products Manufacturing Company uses the process costing method with the following data for the month of September. $ 65,500 51,910 $ 117,410 40,000 50,000 Work-in-process, September 1, 30,000 units: Direct material: 100% completed Conversion: 30% completed Balance in work in process, September 1 Units started during September Units finished Work in process, September 30, 20,000 units: Direct material: 100% completed Conversion: 60% completed Cost incurred during September: Direct materials Conversion costs Total $ 120,000 199,810 $ 319,810 Required: 1. Prepare the cost of Production Report - weighted-average method (12 points). 2. Prepare the Cost of Production Report - FIFO method (12 points). 3. Under what conditions would it be appropriate to use a process costing system? (4 points) 4. What are transferred-in costs? (4 points) 5. Explain the difference between normal spoilage and abnormal spoilage. (4 points)

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