3. Smooth Running Ltd operates a process costing system. Details for the most recent period were as follows. Opening work-in-progress of 600 units was valued as follows: 100% complete in respect of materials: 68,160 30% complete in respect of labour and overhead 51,600. During the period 13.375 units were started in production. Material costs were 1,433,500, labour and overheads were 1.050,180. At the end of the period the closing work-in-progress was 2400 units, which were 100% complete in respect of materials, and 60% complete in respect of labour and overheads. The balance of units was transferred to finished goods. Required: Calculate the number of units transferred to finished goods during the period. (b) Calculate the cost per equivalent unit, using both the FIFO and the weighted average methods Prepare process accounts for the period, using both the FIFO and the weighted average methods (c) (d) Explain how the information you have calculated would be used by the company. Indicate in your answer differences between the two computational methods you have used. (e) Clearly explain the difference between job costing, batch costing and process costing