QUESTION 1 Joseph Ltd is a company that manufactures a single product and uses the weighted average method of valuing inventory. It estimates normal losses to be 10% of completed units, detected only on completion of the products. The following information relates to Process 1 for June 20X1: Production data: Opening WIP: (100% material, 50% conversion completed) Input of material Completed production Closing WIP: (100% material, 60% conversion completed) Cost data: Opening WIP: Units 12 000 24 000 18 000 15 000 R Material costs Conversion costs Costs for June 20X1: Material Conversion costs REQUIRED: Draft a process cost report for Process 1 for June 20X1. Note: Round off all amounts to the nearest R1. QUESTION 2 48 000 20 000 96 000 70 000 [24] 241