QUESTION $2(17$ MARKS$)(31$ MANUTES$)$

Centinueus Procese Limited manufactures a single product and uses a process costing systom.

The oompany recorded the following information for the month of June, $2024$

$\backslash$table$[[,$Units$],[$Opening work in progress $($opening wip$\%)50\%$ complete,$9000],[$Closing work in progress $($cioning WiPr$)$: $75\%$ complete,$10000],[$New units put into production in June $2024,80000],[$Completed and transferred in June $2024,70000]]$

Normal loss is estimated at $4\%$ of the units that reach the wastage point.

Normal loss occurs when the process is $60\%$ complete.

Raw materials are added at the beginning of the process and conversion takes place evenly throughout the process.

Cost information was as follows:

Opening WIP

Raw materials

Conversion

Added in June $2024$

$\backslash$table$[[$Raw materials,$400000],[$Conversion$,250000]]$

R

$145000$

$50000$

Marks

$(6)$

$($a$)$ Prepare the quantity statement for June $2024$ based on the weighted average method of inventory valuation.

$($b$)$ Prepare the production cost statement, for June $2024$ based on the weighted average method of inventory valuation.

$(3)$

NFIDENTIAI $1$