The following details are available in respect of Process I for the month of January 2019 : Opening work in process (800 units) Units 'transferred in' from previous process (9200 units) Labour cost...

Extracted text: The following details are available in respect of Process I for the month of January 2019 : Opening work in process (800 units) Units 'transferred in' from previous process (9200 units) Labour cost Overheads $ 4,000 $36,800 $16,740 $8,370 7,900 units 1,200 units 900 units Units completed and transferred out to next process Units scrapped Closing WIP Degree of Completion : Materials Labour & Overheads Opening WIP 100% Units Scrapped 100% Closing WIP 100% 70% 60% 80% Normal loss is 8% of the total input including opening work in process. Scrap value is $ 4 per unit to be adjusted in direct materials cost. Assuming that FIFO method of inventory valuation is used, you are required to prepare : (i) Statement of equivalent production (ii) Statement showing cost per equivalent units.