MA Assignment 3 Motor Tyres manufactures one size of tyre in each of its production lines. The following information relates to one production line for the most recent period. The company uses the weighted average method for inventory valuation. Qty E Opening WIP 160 tyres: Material 100% complete 1,760 kg (2,780 Conversion 60% complete f2,000 Introduction during period: Material 13,200 kg (26,400 Conversion costs E28,500 Closing WIP 200 tyres: Material 100% complete Conversion 30% complete Total number of tyres transferred to finished goods: 1020 tyres Each tyre weighs 10kg but due to normal wastage requires 11 kg of material input and wastages occurred at the end of the process of finished material. Required: a) Give 3 uses of process costing information. (3 marks) b) Calculate the cost of finished goods, the value of the closing work in progress and the cost of the abnormal loss or gain. And show the process account for the period using number of tyres as the basic for volume measurement. (13 marks) c) Describe two non-financial methods by which the process might be monitored for quality purposes. (4 marks) Tutorial note: you are required to present answer in units of tyres and that loss if any, occur at the end of the process