Suppose 1000 units at a cost of $4500 are input to a process. Normal loss is 10%
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Question:
Suppose 1000 units at a cost of $4500 are input to a process. Normal loss is 10% and there are no opening or closing inventories. Assume that all scrap has a value of $0.90 per unit.
Required:
a. Complete the process account if actual output was 860 units.
b. Complete the process account if actual output was 920 units.
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