Please submit your work to this week's Intellipath Unit Submission lesson. Click the upload U Select File button to upload your document, and then click "OK" to finish. Assignment Details Process costing serves two related purposes. First, it measures the cost of goods manufactured on both a total and per-unit basis. This information is used in valuir inventories and in recording the cost of goods sold. But process costing also provides management with information about the per-unit cost of performing each step production process. This information is useful in evaluating the efficiency of production departments and often draws attention to potential cost savings Milton Manufacturing uses a process costing system. Products are processed successively by Department and Department Y and are then transferred to the fini goods warehouse. Shown below is cost information for Department y during the month of May $ 85,000 262,000 Cost of work in process at May 1.. Cost of units transferred in from Department X during May Manufacturing costs added in Department Y: Direct matenals used Direct labor Manufactunng overhead ......... Total costs charged to Department Y as of May 31 $210,000 45,000 67.000 322,000 $669.000 The assignment for this unit will consist of two parts, in a word document of 1-2 pages, addressing the following questions. 1. Briefly explain the operation of process costing, including the way the unit costs of finished goods are determined 2. Discuss how managers will use the information obtained from POCOSS.costing, Please submit your assignment