Prepare an equivalent unit of production schedule.

Mirror Products manufactures mirrors and uses a standard process costing system.

The following production and cost data are based on June 2022. This information represents the standard cost of one unit:

Direct material	6.50SAR
Conversion	12.50SAR
Total manufacturing cost	19.00SAR
Beginning WIP	20,000 units (100% DM; 80% conversion)
Started in June	180,000 units
Completed in June	140,000 units
Ending WIP	??? (100%DM 60% conversion)
Actual costs for June:
Direct material	1,500,000SAR
Conversion	2,000,000SAR
Total actual cost	3,500,000SAR

1. Prepare an equivalent unit of production schedule.

2. Prepare a cost of production report and assign costs to goods transferred and to inventory.

3. Compute the direct material variance and conversion cost variance. Show all work. What is the total amount to be booked against the cost of goods sold?

4. Based on your analysis above, does this product appear to be a good source of income for the firm? Should it continue operations? Why or why not?

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