QUESTION 3 25 MARKS Tsumeb Cc bottles mineral water that is purchased from a local farmer who obtains the water from a spring in near Etosha National Park. In the manufacturing process the water is purified and bottled, while conversion costs are incurred evenly. Production and cost information for June 2017 are supplied to you: Costs Units Process 1 50 000 Work in process-beginning (20% complete) R49 500 Direct material R7 948 Conversion costs 500 000 Units placed into production Cost incurred during the period R550 000 Direct material R464 400 Conversion costs 60 000 Work in process- ending (60% complete) ? Units completed and transferred 3.1 Use the: Weighted average method, as well as 1.1 (10) The first-in-first-out (FIFO) method of inventory valuation 1.2 (13) Calculate for June 2017: The equivalent units. The unit cost per cost element. Value of goods completed and transferred. Value of work in process closing inventory per cost element. (2) 3.2 Calculate the unit cost per cost element in June 2017 using the FIFO method