X Co. Ltd. produces three types of products A, B and C and keepsaccounts for Process I, Process II and Process III. Following statements show the relativeimportance of each type of product in each process :Process I PointsProcess II PointsProcess III PointsProduct AProduct B242421Product C832Costs for each process for March, 2019 are as follows :Process IProcess II$9,0003,0005,100Process III$9,0001,8002,400TotalMaterialsLabourOverheads12,0004,2003,000$30,0009,00010,50019,20017,10013,20049,500Production during the period :Product A 600 units ; Product B 300 units ; Product C 900 units.You are required to-(a) prepare a statement showing weighted average production for each process and(b) compute the cost for each type of product.

Name: X Co. Ltd. produces three types of products A, B and C and keepsaccou
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Description: X Co. Ltd. produces three types of products A, B and C and keepsaccounts for Process I, Process II and Process III. Following statements show the relativeimportance of each type of product in each process :Process I PointsProcess II PointsProcess II

The system of process costing is suitable for industries involving continuous production of products…

Business

Accounting

X Co. Ltd. produces three types of products A, B and C and keeps accounts for Process I, Process II and Process III. Following statements show the relative importance of each type of product in each process : Process I Points Process II Points Process III Points Product A Product B Product C 2 4 2 4 1 8 3 Costs for each process for March, 2019 are as follows : Process I Process II Process III Total $ 12,000 4,200 3,000 $ 9,000 3,000 5,100 Materials Labour 9,000 1,800 2,400 30,000 9,000 10,500 Overheads 19,200 17,100 13,200 49,500 Production during the period : Product A 600 units ; Product B 300 units ; Product C 900 units. You are required to- (a) prepare a statement showing weighted average production for each process and (b) compute the cost for each type of product.

X Co. Ltd. produces three types of products A, B and C and keeps accounts for Process I, Process II and Process III. Following statements show the relative importance of each type of product in each process : Process I Points Process II Points Process III Points Product A Product B Product C 2 4 2 4 1 8 3 Costs for each process for March, 2019 are as follows : Process I Process II Process III Total $ 12,000 4,200 3,000 $ 9,000 3,000 5,100 Materials Labour 9,000 1,800 2,400 30,000 9,000 10,500 Overheads 19,200 17,100 13,200 49,500 Production during the period : Product A 600 units ; Product B 300 units ; Product C 900 units. You are required to- (a) prepare a statement showing weighted average production for each process and (b) compute the cost for each type of product.

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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