QUESTION 15 The following data relate to Process 2 of Danvee Ltd, a camera film manufacturer, for the financial year ended 31 December 2020. At the beginning of the year, there were 800 units partly completed which had the following values: Value GHC Percentage complete Input material (from process 1) 8,200 100 Material introduced 5,600 55 Labour 3,200 60 Overheads 2,400 45 During the period, 4300 units were manufactured from Process 1 at a value of GHC46,500. Other costs were: Material introduced Labour Overheads GHC 24,000 19,500 18,200 At the end of the year, the closing WIP was 600 units which were at the following stages of completion:- Input material Material introduced Labour 100% complete 50% complete 45% complete 40% complete Overheads The balance of 4500 was transferred to finished goods. Required: (i) Calculate the value of units transferred to finished goods and the value of WIP using the FIFO method. (ii) Prepare the Process 2 Account using the FIFO method (iii) Discuss three ways in which the proceeds from the sale of By-products can be treated