Question 2 From the following Information for the month ending October, 2013, prepare Process Cost accounts for Process III. Use First-in-fist-out (FIFO) method to value equivalent production. Opening WIP 2,000 units at *25,750 Transfer from Process II 53,000 units at 4,11,500 Transferred to Process IV 48,000 units Closing stock of Process III 5,000 units Units scrapped 2,000 units Direct material added in Process III *1,97,600 Direct wages *97,600 Production Overheads 48,800 Degree of completion: Opening Stock Closing Stock Scrap Materials 80% 70% 100% 60% Labour 50% 70% 60% Overheads 50% 70% The normal loss in the process was 5% of production and scrap was sold at 3 per unit