Question: Study the information provided below and prepare the Process Cost Report for Process 2 using the weighted average method. The report must include the following:

Study the information provided below and prepare the Process Cost Report for Process 2 using the weighted average method. The report must include the following: 4.1 Quantity Statement (6 marks) 4.2 Cost Statement (8 marks) 4.3 Cost Allocation Statement (6 marks) INFORMATION Waterloo Ltd uses two processes to manufacture desks. The following details are applicable to Process 2 for March 2022: Details in connection with costs: R Incomplete work (opening): 1 440 000 Costs of previous process 1 134 000 Direct materials 198 000 Conversion costs 108 000 Costs incurred during March 2022: 3 096 000 Transferred from previous process 2 034 000 Direct materials 378 000 Conversion costs 684 000 4 536 000 Production details Units Units of incomplete work (opening): (100% complete i.r.o. materials; 40% complete i.r.o. conversion costs) 30 000 Units received from the previous process 120 000 150 000 Units completed and transferred (90 000) Units of incomplete work (closing): (100% complete i.r.o. materials; 70% complete i.r.o. conversion costs) 60 000

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