Question 2 (20 marks) Susan Company produces a product called 'N96' which required to go through two processes, Process 1 and Process 2. The following information relates to Process 2 for the month of March 2020: Units Percent Completed Materials Conversion 80% 60% Work-in-process, 1 March Transferred from Process 1 and started in Process 2 Completed and transferred out Work-in-process, 31 March 21.000 84,000 73,500 31,500 30% 40% Costs for March Work-in-process, 1 March Added during the month Transferred-in from Process (S) 120,000 462,000 Materials (S) 19,000 264,600 Conversion (5) 17.000 183.750 It is the company's policy to adopt FIFO method in its process costing system. Required: (a) Determine the equivalent units for transferred-in from Process 1, materials and conversion for March (4 marks) (b) Determine the cost per equivalent unit for transferred-in from Process 1, materials and conversion for March (3 marks) (c) Determine the total cost of ending work-in-process inventory and the total cost of units transferred to finished goods in March. (6 marks) (d) Briefly explain how the adoption of a lean manufacturing approach affects process costing. (3 marks) (e) "Normal loss is included in the cost of good output units, while abnormal loss is recorded as a period cost. Comment on this statement (4 marks) [Total for Question 2: 20 marks]