From the following Information for the month ending October, 2013, prepare Process Cost accounts for Process III. Use First-in-fist-out (FIFO) method to value equivalent production. Direct materials added in Process III (Opening WIP) Transfer from Process II Transferred to Process IV Closing stock of Process III Units scrapped Direct material added in Process III Direct wages Production Overheads 2,000 units at 25,750 53,000 units at 4,11,500 48,000 units 5,000 units 2,000 units *1,97,600 *97,600 48,800 Degree of completion: Opening Stock Closing Stock Scrap Materials 80% 70% 100% Labour 60% 50% 70% Overheads 60% 50% 70% The normal loss in the process was 5% of production and scrap was sold at 3 per unit.