QUESTION 1 In a certain month, 2000 units were introduced into process 1. The normal loss...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
QUESTION 1 In a certain month, 2000 units were introduced into process 1. The normal loss was expected to be 5% on inputs. At the end of the month, 1,400 units had been produced and transferred to the next process. 460 units were uncompleted and 140 units had been scrapped. It was established that uncompleted units had reached a stage in production as follows: Material 60% Labour 40% Overheads 10% The cost of the 2000 units introduced into process 1 was GH¢5,800.00 Materials introduced into the process amounted to GH¢1,440.00 Direct wages amounted to GH¢3,340.00 Production overhead incurred was GH¢1,670.00 Units scrapped realized GH¢1.00 each The units scrapped have passed through the process, so were 100% completed as regards materials, labour and overheads. You are required to prepare: i.Statement of Equivalent Units ii.Statement of Cost iii. The process 1 account and the abnormal loss account. QUESTION 1 In a certain month, 2000 units were introduced into process 1. The normal loss was expected to be 5% on inputs. At the end of the month, 1,400 units had been produced and transferred to the next process. 460 units were uncompleted and 140 units had been scrapped. It was established that uncompleted units had reached a stage in production as follows: Material 60% Labour 40% Overheads 10% The cost of the 2000 units introduced into process 1 was GH¢5,800.00 Materials introduced into the process amounted to GH¢1,440.00 Direct wages amounted to GH¢3,340.00 Production overhead incurred was GH¢1,670.00 Units scrapped realized GH¢1.00 each The units scrapped have passed through the process, so were 100% completed as regards materials, labour and overheads. You are required to prepare: i.Statement of Equivalent Units ii.Statement of Cost iii. The process 1 account and the abnormal loss account.
Expert Answer:
Answer rating: 100% (QA)
Step 1 Physical Units Flow Process 1 Particulars Units Units Introduced Less Normal Loss 5 Normal Ou... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
You are required to prepare two written responses: 1) tax file memorandum and 2) client letter. For the tax memorandum file, use exhibit 2.9 on page 2-27 for an example
-
In this task, you are required to prepare a tax case analysis based on the recent controversial hearing on ABS-CBN's franchise renewal in the Philippines. You are required to state the facts and make...
-
The average expenditure on Valentine's Day was expected to be $100.89 (USA Today, February 13, 2006). Do male and female consumers differ in the amounts they spend? The average expenditure in a...
-
Two moles of an ideal monatomic gas go through the cycle abc. For the complete cycle, 800 J of heat flows out of the gas. Process ab is at constant pressure, and process bc is at constant volume....
-
List the four major financial sectors in the financial system and discuss how they relate to one another.
-
A clean-earth trapezoidal channel with a bottom width of 1.8 m and a side surface slope of 1:1 is to drain water uniformly at a rate of 8 m 3 /s to a distance of 1 km. If the flow depth is not to...
-
H. Blasius correlated data on turbulent friction factor in smooth pipes. His equation \(f_{\text {smooth }} \approx 0.3164 \mathrm{Re}^{-1 / 4}\) is reasonably accurate for Reynolds numbers between...
-
On December 23, 2010, Miller Wholesalers ships merchandise to Michael Retailers with terms of FOB destination point. The merchandise arrives at Michaels warehouse on January 3, 2011. Required 1....
-
What was the existing capital structure for Apple inc? Do you believe it was optimum? Use Hamada's equation to determine the optimum. Should Apple take on more debt, repurchase stock, or have a...
-
You are a finance consultant who specializes in planning, analytics, and management accounting for startups and growing businesses. A new company, Sweet & Sour Pvt. Ltd., approaches you to...
-
boundary of the square whose sides lie along the lines z = 12 and fo dz (-2
-
Mountain climbers know that it is harder to hike down a hill than to walk on level ground. Why is this so?
-
In 2012, the Australian government launched a new initiative that will pay employers to hire older workers. Employers will receive \($1000\) for every worker aged 50 or older that they hire and...
-
Identify all the forces exerted on the italicized object in each situation: (a) A book is lying on top of a magazine on a table. (b) A ball moves along a trajectory through the air. (c) A person is...
-
ISE Communications was one of the pioneers in using self-managed work teams. The teams were put in place to improve manufacturing flexibility and customer service, both factors being crucial in the...
-
An object moves with constant velocity. What can you say about the work done on a system that includes only this object?
-
Discuss a genre of music, explain how it altered or entered the everyday culture of the United States or a subset of American Culture. Think about how music can change the culture of a group and also...
-
Comptech Ltd is a manufacturer of optical equipment. In September 2019, Ed Thompson the Chief Research Officer, attended a conference in Switzerland that focused on optical developments for the 21st...
-
Which of the following is the correct number of degrees of freedom for the chi-square test using these data? a. 4 b. 8 c. 10 d. 20 e. 4876 The National Longitudinal Study of Adolescent Health...
-
Gastric freezing was once a recommended treatment for ulcers in the upper intestine. Use of gastric freezing stopped after experiments showed it had no effect. One randomized comparative experiment...
-
A student wonders if tall women tend to date taller men than do short women. She measures herself, her dormitory roommate, and the women in the adjoining dorm rooms. Then she measures the next man...
-
What did the temperance reformers see as the cause of wife abuse? How did they propose to solve the problem?
-
What kinds of qualifications might a statute place on someone who is in a dating relationship? What problems might these qualifications pose?
-
In brief, what is a civil order of protection?
Study smarter with the SolutionInn App