Question: Required: a) Prepare a process cost report b) Prepare a cost statement c) Prepare a Cost allocation Statement Assume the following Information for August 2023

Assume the following Information for August 2023 Material is added at the beginning of Process 2 when the

Required:

a) Prepare a process cost report

b) Prepare a cost statement

c) Prepare a Cost allocation Statement

Assume the following Information for August 2023 Material is added at the beginning of Process 2 when the input is received from process 1. Conversion costs are incurred continuously and evenly in the process. Units: Opening Inventory of incomplete units Units received from process 1 Units Completed Closing inventory of incomplete units 9100% complete in materials, 60% complete in conversion costs Costs Transferred from process 1 Direct Materials Direct Labour Overheads applied (50% of direct labour) Units 0 30 000 25 000 5 000 R 60 000 30 000 14 000 7 000

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