ACME Inc. produces an item by processing raw material through two processes. The output of Process B is passed to Process where further material is added to the mix. You have been provided with the following information, which relates to Process for August 2019: Opening work-in-process: 15,600 units at a value of $416,910 Transfer of materials from Process B: Added materials: Conversion costs: $226,200 100% complete $ 76,518 90% complete $114,192 60% $416,910 Costs incurred during August 2019: Transfer of materials from Process B: $ 687,300 Added materials: $257.022 Conversion cost: $588,528 $1.5328.50 During August 2019, 54,000 units were transferred to finished stock. Closing work-in-process: 9,000 units were in process at 31 August 2019 of which materials transferred from Process B was 100% complete, added materiais 80% complete, and the conversion cost 40% complete. Required: a. Using the first-in, first-out (FIFO) method of pricing for valuing opening work-in process, calculate the equivalent cost per unit for each element of cost. (19 marks) b. Prepare the Process C account for August 2019. (3 marks) Outline THREE differences between job order costing and process costing