Question 2 (10 points) B1, C1 ABC Manufacturing Corporation use process costing system. During 2019 the company produced 20,000 units of a product; the beginning inventory was 10,000 units (materials $20,000 with 100% completion rate and conversion cost $50,000 with 40% completion rate); the ending inventory was zero. The company consumes the following costs during the period: Material S400,000 and conversion cost $500,000. Instruction: Prepare the process costing schedule. Flow of Production (1) Total Equivalent Units (2) Materials Conversion costs Work in process (Beginning Inventory) 1/1 Started During Current period To account for Completed and Transferred out Work in process (Ending Inventory) 31/12 Accounted for (3) Cost of 1/1 Cost add during the period Total costs to account for Cost per equivalent unit Assignment of cost: Completed and transferred out Work in process 31/12 Total cost accounted for