• Perform a process costing analysis for LMN Corporation using the following data:

  Cost Component	Total Cost ($)	Equivalent Units
  Materials	$40,000	10,000
  Labor	$30,000	8,000
  Overhead	$20,000	6,000

  Requirements:

  • Allocate costs to equivalent units using process costing.
  • Present the analysis in a detailed table format.
  • Discuss the suitability of process costing for LMN Corporation's manufacturing process.