In a company, there are three processes to complete the production. You are provided with the details about second process, Process 2. Opening WIP 100 units (30% complete) costing OMR 3,000. 500 Units received from Process 1 costing OMR 5,500.450 units transferred to next process. Closing WIP 150 Units (50% complete). The costs incurred during the period were OMR 20,000. Find the value of closing WIP using average .cost method .a OMR 4,750 .b OMR 4,318 .C OMR 4,071 .d OMR 8,143 The correct answer is: OMR 4,071