REQUIRED Prepare the Process Cost Report for Process 2 using the FIFO method. The report must include the following: Quantity statement Cost statement Cost allocation statement INFORMATION Simbalina Ltd uses two processes to manufacture plates. The following details are applicable to Process 2 for March 2020 Production details Units Units of incomplete work (01 March 2020) (100% complete i.r.o. materials: 40% complete i.r.o. conversion costs) 76 800 Units received from the previous process 307 200 Units completed and transferred 230 400 Units of incomplete work (31 March 2020) (100% complete i.r.o. materials; 60% complete i.r.o. conversion costs) ? R 1 228 800 967 680 Details in connection with costs: Incomplete work (01 March 2020) Costs of previous process Direct materials Conversion costs Costs incurred during March 2020: Transferred from previous process Direct materials Conversion costs 168 960 92 160 2 641 920 1735 680 322 560 583 680 3 870 720