Question three (a) The following information relates to process 2 of a three-stage process for the month of December 2021. At the beginning of period 2 there was 2,400 units partly completed which had the following values: Cost element Material transfer from Process 1 Added materials Labour Production overheads Degree of completion K 100% 24,600 55% 16,800 60% 9,600 45% 7,200 58,200 12 600 units were transferred from process 1 during the period valued at K139,500. The costs for the resources used in the current period were as follows: Material Labour Overheads K 72,000 58,500 54,600 185,100 Total The closing WIP at the end of the period was 1,800 units which had the following stages of completion: Cost element Degree of completion Material transfer from Process 1 100% Added material 50% Labour 45% Production overheads 40% The balance of 13,500 was transferred to finished goods. Required (1) Using the FIFO method calculate the value of units transferred to finished goods and the value of closing WIP (16 marks) And (ii) Prepare process account. (9 marks) (Total 25 marks)