A company makes a product that passes through two production processes. For the week ended December 31, 2012, details of production were as follows: Material (4 000 kilos) Added materials Labour Overheads Output to Process 2 Output to finished goods Normal Losses: Process 1 Process 2 Required: A. B. C. Process 1 Account. Process 1 Process 2 Account. $10 000 5% of input 2% of input from Process 1 Scraps can be sold for $0.75 in Process 1 and Process 2 $3 500 $5 500 3 700 kilos Process 2 ===== $3 134 $6 500 $4 500 3 680 kilos Abnormal loss or abnormal gain account for the period.

A company makes a product that passes through two production processes. For the week ended December 31, 2012, details of production were as follows: Material (4 000 kilos) Added materials Labour Overheads Output to Process 2 Output to finished goods Normal Losses: Process 1 Process 2 Required: A. B. C. Process 1 Account. Process 1 Process 2 Account. $10 000 5% of input 2% of input from Process 1 Scraps can be sold for $0.75 in Process 1 and Process 2 $3 500 $5 500 3 700 kilos Process 2 ===== $3 134 $6 500 $4 500 3 680 kilos Abnormal loss or abnormal gain account for the period.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5EA: A company has 1,500 units in ending work in process that are 30% complete after transferring out...

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