QUESTION 4 (20 Marks) REQUIRED Study the information provided below and prepare the Process Cost Report for Process 2 using the weighted average method. The report must include the following: Quantity statement (6 marks) Cost statement (8 marks) Cost allocation statement (6 marks) 4.1 4.2 4.3 INFORMATION Hambanati Ltd uses two processes to manufacture tables. The following details are applicable to Process 2 for May 2017: Production details Units Units of incomplete work (opening) (100% complete i.r.o. materials: 40% complete ir.o. conversion costs) 30 000 Units received from the previous process 120 000 150 000 Units completed and transferred (90 000) Units of incomplete work (closing) (100% complete i.r.o. materials: 70% complete i.r.o. conversion costs) 60 000 R Details in connection with costs: Incomplete work (opening) Costs of previous process Direct materials Conversion costs Costs incurred during May Transferred from previous process Direct materials Conversion costs 480 000 378 000 66 000 36 000 1 032 000 678 000 126 000 228 000 1512 000