11 Task 3 APC Pty Ltd commenced business on f Novemberto make and sell a single product, K, which is processed continuously. The company has decided to use FIFO to value inventory. There is only one process, so completed production is transferred to the finished goods storeroom. All material is added at the start of the process, and conversion cost is assumed to be added uniformly. Details of units: Started during the month of November 15,000 Completed during November 13,000 Work in process at 30 November 2,000; 50% complete Direct material issued $49,500 Direct labour incurred $16,800 Factory overhead applied $33,600 Required: a. A several of product and service costing systems have been developed to cover different industries and management information requirements. Describe job costing, process costing, and activitybased costing. b. Which cost accounting system described in part [a] is the best system that will be used in this case? Give a brief reason. c. Prepare a cost sheet for the month of November. Show all the workings in your answer. d. Prepare the appropriate journal entries. e. Post the journal entries to the work in process account