Question 2 (Group work) WC Ltd makes one product in a single process. The details of the process for period 2 were as follows: There were 800 units of opening work in progress valued as follows: Material Shs. 98.000 Labour Shs. 46,000 Production overhead Shs. 1600 During the period 1,800 units were added to the process and the following costs were incurred: Material Shs. 383.800. Labour Shs. 36.320 Production overheads Shs. 149280 There were 500 units of closing work in progressr which were 100 percent complete for material. 90 percent complete for labour and 40 percent complete for production overheads. A normal loss equal to 'IO percent of new material input during the period was expected. The actual loss amounted to 180 units. Each unit of loss was sold for Shs. 10 per unit. Losses are detected prior to WIP stage of completion. WC Ltd uses weighted average costing. Required: a) Statement of equivalent units b) Calculate the cost of output for the period. c) Process Account d) Normal loss! Scrap sales Account e) Prepare workings to show valuation of closing WIP