Question 3 (adapted from July 2016 Question 1) The following information relates to YY Lid, a manufacturer of wet wipes. Work in process, 1 July 2021* 22,500 units Direct material costs $22,500 Conversion costs $47,250 Costs incurred during July Direct material costs $216,000 Conversion costs $541,350 Total number of units started in July 2021 108,000 units Number of units transferred to Finished Goods in July 2021 112,500 units Work in process, 31 July 2021** 16.200 units Direct material 100% complete; conversion 70% complete ** Direct material 100% complete; conversion 60% complete Wet wipes are inspected at the end of the production process and any spoilage is considered abnormal. You may assume that all spoilage comes from units started in July 2021. Required: (a) Using FIFO process costing, compute a production cost report for July 2021 showing (i) cost of goods completed in July 2021, (ii) value of work in process inventory at 31 July 2021, and (iii) value of spoilage. (Show the cost per equivalent unit to the nearest cent clearly for each cost category). (b) Based on the information obtained in (a) write a journal entry to record the transfer of completed products at the end of July and the spoilage for July 2021. (Narrations are not required). (c) Explain if there will be any significant difference in the values of completed units calculated using FIFO or Weighted Average process costing? Support your answer with relevant computations