09:33 all Cost Accounting Final OSA Answer ALL the questions. (100 MARKS) QUESTION 1 (20 Marks) REQUIRED Prepare the Process Cost Report for Process 2 using the FIFO method. INFORMATION Bravo Ltd uses two processes to manufacture cushions. The following details are applicable to Process 2 for March 2024: \begin{tabular}{|l|c|} \hline Production details & Units \\ \hline \begin{tabular}{l} Units of incomplete work (opening) \\ (Materials: \( 100 \% \) complete; Conversion costs: \( 40 \% \) complete) \end{tabular} & 40000 \\ \hline Units received from the previous process & 160000 \\ \hline Units completed and transferred & \( ? \) \\ \hline Units of incomplete work: closing (Materials: \( 100 \% \) complete; Conversion costs: \( 60 \% \) complete) & 80000 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline Details in connection with costs: & \( \mathrm{R} \) \\ \hline Incomplete work (opening): & \( ? \) \\ \hline Costs of previous process & ? \\ \hline Direct materials & 88000 \\ \hline Conversion costs & 48000 \\ \hline Costs incurred during March 2024: & 1376000 \\ \hline Transferred from previous process & 904000 \\ \hline Direct materials & 168000 \\ \hline \multirow[t]{2}{*}{ Conversion costs } & 304000 \\ \hline & 2016000 \\ \hline \end{tabular}
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- For materials, since both opening and closing work in process (WIP) are 100% complete, all units will be considered equivalent units. - For conversion costs, we need to consider the percentage completion. The opening WIP is 40% complete, and the closing WIP is Show more…
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