Cola Inc. produces canned sodas by processing its raw material through two processes. The output of Process A is passed to Process B where further material is added to the mix. You have been provided with the following information, which relates to Process B for August 2021:

Opening work-in-process:

23,400 units at a value of $625,365

Transfer of materials from Process A: $339,300 100%

Added materials: $114,777 90%

Conversion costs: $171,288 60%

$625,365

Costs incurred during August 2021:

Transfer of materials from Process B: $1,030,950

Added materials: $ 385,533

Conversion cost: $ 882,792

$ 2,299,275

In August 2021, 81,000 units were transferred to finished stock.

Closing work-in-process:

13,500 units were in process on 31 August 2021 of which materials transferred from Process A were 100% complete, added materials 80% complete, and the conversion cost 40% complete.

Required:

1. Using the first-in, first-out [FIFO] method of pricing for valuing the opening work-in-process, calculate the equivalent cost per unit for each element of cost.
2. Prepare the Process B account for August 2021.
3. Outline THREE differences between job order costing and process costing.