The product of a company passes through three processes to completion. They are known as A, B, and C. From past experience it is ascertained that normal loss is incurred in each process as: Process A- 2%, Process B 5% and Process C – 10%. In each case the percentage of loss is computed on the number of units entering the process concerned. The loss of each possesses a scrape value. The loss of processes 'A' and 'B' is sold at 0.500 baisa per 100 units and that of process C' at 2RO per 100 units. The output of each process immediately passes to next process and the finished units are passed from process "C' into stock. Process A RO Process C RO 200 Particulars Process B RO Material Consumed 600 400 Direct Labor 800 600 300 Manufacturing Expenses 100 20000 units have been issued to process A at a cost of 10OORO. The output of each process has been as under. Process A 19500; Process B 18800; Process C 16000. Prepare 100 150 Process Accounts

The product of a company passes through three processes to completion. They are known as A, B, and C. From past experience it is ascertained that normal loss is incurred in each process as: Process A- 2%, Process B 5% and Process C – 10%. In each case the percentage of loss is computed on the number of units entering the process concerned. The loss of each possesses a scrape value. The loss of processes 'A' and 'B' is sold at 0.500 baisa per 100 units and that of process C' at 2RO per 100 units. The output of each process immediately passes to next process and the finished units are passed from process "C' into stock. Process A RO Process C RO 200 Particulars Process B RO Material Consumed 600 400 Direct Labor 800 600 300 Manufacturing Expenses 100 20000 units have been issued to process A at a cost of 10OORO. The output of each process has been as under. Process A 19500; Process B 18800; Process C 16000. Prepare 100 150 Process Accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Yellow Co has two processes, Y and Z. There is an expected loss of 5% of input in process Y and 7% of input in process Z. Activity during a four week period is as follows. Y Material input (kg) 20,000 Output (kg) 18,500 26,100 Is there an abnormal gain or abnormal loss for each process? Z 28,000 2. 3,000 units of material are input to a process. Process costs are as follows. Material $11,700 Conversion costs $6,300 Output is 2,000 units. Normal loss is 20% of input. Required Prepare a process account and the appropriate abnormal loss/gain account.
See information attached in images below. Questions: REQUIRED Complete the valuation of completed and transferred out units. Round to two (2) decimal places. R Opening WIP costs Costs to complete opening WIP - Materials - Conversion Costs of started and completed units Normal loss allocation - Materials - Conversion Total
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Please present in good accounting form. Thank you.
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In using FIFO method, Richer Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Richer Company presented the following costs on three processes: *see image attached* 1. What is the amount of cost of goods manufactured? a. P226,926.61 b. P234,541.61 c. P240,072.00 d. None of the above 2. What is the total units to account for (TUTAF) in Department 1? a. 16,000 b. 15,100 c. 15,000 d. 15,700