Question 3 (a) The following details are provided for a company operating a process costing system: Process A Opening work in process (WIP) Nil Units introduced into the process 5,000 Units completed and transferred to next process 1,000 Closing WIP (75% complete) 4,000 Material cost introduced at start of process) RM20,000 Conversion cost RM35,000 Required: (1) Compute the equivalent units and cost per equivalent unit for the month for Process A (9 marks) (ii) Prepare the cost allocation for Process A. (5 marks) (b) A and B are joint products that can be sold immediately after split-off. The following information is available for the last period: No opening inventories. Total joint production costs were RM100,000. Product Production units Sales units Selling price per unit A 12,000 10,000 RM24 B 8,000 6,000 RM20 Required: () Using the physical unit method, compute the value of the closing inventory of products A and B for the last period. (6 marks) (ii) Describe briefly, an example of an industry that produces both joint and by-products, clearly identifying its joint products and by-products. (5 marks) Total: 25 Marks