This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.

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Here is the classification of the costs from Unity Manufacturing Company:
Classification by Nature: This classification categorizes costs based on their inherent characteristics (e.g., materials, labor, expenses).
Classification by Function: This classification categorizes costs based on the activity or department for which they are incurred (e.g., production, administration, selling).
Note: Work-In-Progress (GH¢ 16,000) is an inventory item, representing accumulated costs in partially completed goods, rather than a cost to be classified by nature or function in the current period.
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Classification by Nature: This classification categorizes costs based on their inherent characteristics (e.g., materials, labor, expenses).
This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.