A company manufactures a single product using a process costing system. The following information relates to the month of July 2018: 1 July 2018: N$ Work in progress: Material 15 000 units (100% complete) 50 000 Conversion (40% complete) 35 000 Units introduced in the current period Units completed Work in progress on 31 July 2018 (units) Costs incurred in current period: Material Conversion WIP on 31 July 2018 is 100% complete (material) and 60% complete (conversion) 25 000 28 000 8 000 65 000 43 120 Additional information: . . . Materials are added at the beginning of the process. Inspection for losses takes place when the process is 100% complete. Normal loss is 10% of the units that reached the inspection point. The company employs the FIFO method in valuing its inventory. Required: MARKS Prepare a fully-fledged cost production statement for the month of July 2018. Total marks for Question 13 20 20