A company produces a single product from one process and the following data were related to a period: Opening Work in Progress - 2,000 units Materials Cost Degree of completion 3,900 50% 2,240 40% 1,080 30% Labour Overheads 7,220 Costs incurred in the period were: Materials 39,200 29,100 Labour Overheads 19,200 Units added in the period: 10,000 units Units completed in the period: 9,000 units Closing Work in Progress: 3,000 units Degree of completion Materials 60% Labour 50% Overheads 40% No loss was incurred in the process during the period. The company uses FIFO method in calculating inventory costs. Required: c) For the period: Calculate the cost of units transferred to finished goods and the cost of closing Work-in-Progress (20 marks) Prepare the process account. (10 marks) (d) What are equivalent units and why is it necessary to calculate them? (6 marks) (e) State two features of those manufacturing industries to which process costing will be applied. (4 marks)