Question 5 (13 Marks - 23 Minutes) Nov Normal 2012 A company produces a single product from one of its manufacturing processes. The following information of process inputs, outputs and work in process relates to the most recently completed period Opening work in process Material input Output completed Closing work in process kg 21 700 105 600 92 400 28 200 The opening and closing work in process are respectively 60% and 50% complete as to conversion costs. Losses occur at the beginning of the process and have a scrap value of N$0.45 per kg. The opening work in process included raw material costs of N$56 420 and conversion costs of N$30 597. Costs incurred during the period were: Materials N$276 672 Conversion costs N$226 195 Required: Calculate the unit costs of production (N$ per kg to fou decimal places) using: 5.1 the weighted average method of valuation and assuming that all losses are treated as normal the FIFO method of valuation and assuming that normal losses are 5% of materials input(13)