Roswell Ltd produces Netball, a product requiring two processes. Normal loss in each process is 10%....

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Roswell Ltd produces Netball, a product requiring two processes. Normal loss in each process is 10%. The following information relates to Period 2: Direct materials (4,000 units) Added direct materials (1,200 units) Direct labour Production overheads Output transferred to Process 2 Output transferred to finished goods Scrapped units are sold for $4 each. Process 1 Process 2 $ S 32 400 18 640 24 000 3 800 units A. Prepare process I account B. Prepare process 2 account C. Prepare abnormal loss and abnormal gain account D. Prepare scrap account 6480 20 000 33 000 4 250 units (6 marks) (7 marks) (3 marks) (4 marks) Roswell Ltd produces Netball, a product requiring two processes. Normal loss in each process is 10%. The following information relates to Period 2: Direct materials (4,000 units) Added direct materials (1,200 units) Direct labour Production overheads Output transferred to Process 2 Output transferred to finished goods Scrapped units are sold for $4 each. Process 1 Process 2 $ S 32 400 18 640 24 000 3 800 units A. Prepare process I account B. Prepare process 2 account C. Prepare abnormal loss and abnormal gain account D. Prepare scrap account 6480 20 000 33 000 4 250 units (6 marks) (7 marks) (3 marks) (4 marks)

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Step 12 A Process 1 Account Debit Credit Work in Process Process ... View the full answer