QUESTION 1 (32 marks) MoneyMakers (Pty) Lid, manufactures Product D which passes through two processes, namely process X and process Y. Material is introduced at the start of process X and additional material is added to process Y when the process is 80% complete. Conversion costs are applied uniformly throughout both processes. The closing work in progress ("WIP") is estimated to be 60% for both processes. Assume that the production information for process Y, for the month of June 2023, is the following: Production units: Opening inventory 2 000 Units introduced during the period 11 000 Closing inventory 3 000 Opening WIP production costs: Rand Opening inventory WIP 105 000 Costs from previous Process X 50 000 Direct Material 35 000 Conversion 20 000 Rand Costs incurred during the month of June: 255 000 Transferred from Process X 150 000 Direct material 65 000 Conversion 40 000 87 REQUIRED: Prepare the process cost report using the weighted average method. 1.1 Prepare the quantity statement (with the equivalent units). (13 marks) 1.2 Prepare the cost statement. (9 marks) 1.3 Prepare the cost allocation statement. (10 marks) Tabulate your answers as far as possible. Show and reference all your calculations clearly