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: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. [19 marks] 2. Prepare the Process B account for August 2021. [3 marks] 3. Outline THREE differences between job order costing and process costing. [3 marks]