INFORMATION

Waterloo Ltd uses two processes to manufacture desks. The following details are applicable to Process 2 for March 2022:

Details in connection with costs:

R Incomplete work (opening): 1 440 000

Costs of previous process 1 134 000

Direct materials 198 000

Conversion costs 108 000

Costs incurred during March 2022: 3 096 000

Transferred from previous process 2 034 000

Direct materials 378 000

Conversion costs 684 000

4 536 000 Production details Units

Units of incomplete work (opening):

(100% complete i.r.o. materials; 40% complete i.r.o. conversion costs) 30 000 Units received from the previous process 120 000 150 000 Units completed and transferred (90 000) Units of incomplete work (closing): (100% complete i.r.o. materials; 70% complete i.r.o. conversion costs) 60 000

Study the information provided below and prepare the Process Cost Report for Process 2 using the weighted average method. The report must include the following: Cost Statement