QUESTION 1 marks) (35 The Cutting Department of Oak Ltd has the following production and manufacturing cost data for March: Work In Process inventory, Beginning Balance Units started into production 60,000 Work In Process inventory, Ending Balance 10,000 Units transferred to next production department 70.000 Materials Conversion Percentage completion WIP, Beginning Balance 40% 10% Percentage completion WIP, Ending Balance 60% 30% Cost beginning WIP Balance Cost added during the month AED 250,000 686,000 AED 180,000 264,000 (Assume that the company uses the weighted average method of accounting for units and costs) 1) Determine the equivalent units for July for the Finishing Department. 2) Compute the costs per equivalent unit for July for the Finishing Department. 3) Determine the total cost of ending work in process inventory 4) Determine the total cost of units transferred out