Question 2 (25 marks) Risqu Inc. produces liquid soap and uses a process costing system. The management accountant has assembled the following information for January 2021: Beginning Work-in-Process Inventory 40,000 units (25% complete as to conversion) Started during the period 480,000 units Ending Work-in-Process Inventory 120,000 units (30% complete as to conversion) Beginning inventory costs are: Materials $720,000 Direct Labour $315,600 Factory Overheads $ 1,262,400 Costs incurred during the month are: Materials $2,400,000 Direct Labour $3,450,600 Factory Overhead $8,051,400 All materials are added at the start of production and all completed products are transferred out. (a) Use the weighted average cost flow assumption to determine the equivalent unit cost, work in progress and prepare the process account for the entity. (17 marks) (b) Using the FIFO cost flow assumption: determine the equivalent unit cost, work in progress and value output for the entity. (8 marks)