The following information relates to process 3 of a three-stage production process for the month of January 20X4. Opening inventory

300 units complete as to: MVR Materials from process 2 100% 4,400 Added materials 90% 1,150 Labour 80% 540 Production overhead 80% 810 6,900 In January 20X4, a further 1,800 units were transferred from process 2 at a valuation of MVR 27,000. Added materials amounted to MVR 6,600 and direct labour to MVR 3,270. Production overhead is absorbed at the rate of 150% of direct labour cost. Closing inventory at 31 January 20X4 amounted to 450 units, complete as to: Process 2 materials 100% Added materials 60% Labour and overhead 50%

Required

Prepare the process 3 account for January 20X4 using FIFO valuation principles. (20 marks)