The following amounts were taken from the income statement of Beauty World for the year ending December 31, 2019: 
How much is net income for the year ended December 31, 2019? Would the net income amount have been different if the company had used a single-step income statement rather than the multiple-step statement? Explain.
Definitions:
Process Cost System
An accounting system used in manufacturing where costs are assigned to batches or processes, suitable for homogeneous products.
Work In Process
Work in process (WIP) refers to the materials and goods that are in the production process but have not yet been completed.
Equivalent Production Units
A metric used in cost accounting to measure the work done on partially finished goods, expressed in terms of fully completed units.
Conversion Costs
Expenses directly related to transforming raw materials into finished goods, including both direct labor and manufacturing overhead.
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