Question threethe following data relate to process 2 for one accounting period. process 2receives units from process1 and after processing, transfers them to process 3.opening wip 600 value percentage complete £ %input material. 720. 100material introduced 500. 60labour. 340. 50overheads. 270. 40transfers from process 1: 4.100 units valued at £5,200transfers to process 3: 3,500 units £materials introduced. 2,956labour. 2,200overheads. 1,900closing stock 800 units at the following stage of completioninput material. 100%material introduced. 60%labour. 50%overheads. 40%400 units were scrapped at the following stage of completioninput material. 100%material introduced. 100%labour. 40%overheads. 30%the normal loss is 10% of production and the scrapped units realised 40p each. it is required to prepare the process account for process 2 using(i) the average cost method