From the following data, prepare process accounts for a single product: Process I (i) Period: December of

From the following data, prepare process accounts for a single product:

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Process I (i) Period: December of the current year (ii) Work-in-process at the beginning Nil (iii) Cost incurred in the period Process II Nil Direct materials Labour Factory overheads *60,000 12,000 16,000 24,000 20,000 (iv) Units of production Received in process 40,000 36,000 Completed and transferred 36,000 32,000 Remaining in process at the end of the period 2,000 2,500 Loss-in-process (normal loss) 2.000 1,500 (v) Production remaining in process should be valued at: Material, 100 per cent Labour and overheads, 50 per cent.