Question three (a) The following information relates to process 2 of a three-stage process for the month of December 2021. At the beginning of period 2 there was 2,400 units partly completed which had the following values: Cost element Material transfer from Process 1 Added materials Labour Production overheads Degree of completion 100% K 24,600 16,800 9,600 7,200 58,200 55% 60% 45% 12 600 units were transferred from process I during the period valued at K139,500. The costs for the resources used in the current period were as follows: K 72,000 58,500 Material Labour Overheads Total 54,600 185,100 The closing WIP at the end of the period was 1,800 units which had the following stages of completion: Cost element Material transfer from Process 1 Added material Labour | Production overheads The balance of 13,500 was transferred to finished goods. Degree of completion 100% 50% 45% 40% Required (i) Using the FIFO method calculate the value of units transferred to finished goods and the value of closing WIP (16 marks) And (ii) Prepare process account. (9 marks)