Question: In process costing, if an abnormal loss arises, the process account is generally A debited with the scrap value of the abnormal loss units B

In process costing, if an abnormal loss arises, the process account is generally A debited with the scrap value of the abnormal loss units B debited with the full production cost of the abnormal loss units C credited with the scrap value of the abnormal loss units D credited with the full production cost of the abnormal loss units

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Management Accounting Information Questions!

The financial statements of JJ Ltd and KK Ltd for the year to 30 June 2023 are shown below: Statements of comprehensive income for the year to 30 June 2023 Statements of changes in equity for the...

please tutors guide me on this question Q.65. Process B had no opening inventory. 13,500 units of raw material were transferred in at Rs 4.50 per unit. Additional material at Rs1.25per unit was added...

In process costing, if an abnormal loss arises, the process account is generally: a) debited with the scrap value of the abnormal loss units b) credited with the scrap value of the abnormal loss...

Please assist with question 3 for cost accounting and show clear working. Thank you Question 3 Roswell Lid produces Netball, a product requiring two processes. Normal loss in each process is 10%. The...

LINGUA INTERNATIONAL TRAINING COLLEGE Towards Educational Excellence Reg No: D/2014/0535 Accreditation No: 000003 DEPARTMENT OF BUSINESS AND MANAGEMENT SUBJECT: COST AND MANAGEMENT ACCOUNTING 2...

4. Wastage, sale of scrap, by-products etc are reordered on the credit side of the process account 5. The difference between debit and credit side shows the cost of production and output of that...

510 Cost Less: Scrap 5,151 Input 102 Less: Normal loss 5,049 51 459 Cost per unit 11 5,049 3459 Particulars Units Units Amount To Process B A/C To Process D A/C 84 9 Abnormal Loss Account Amount...

Cost Less: Scrap 5,151 Input 102 Less: Normal loss 5,049 510 51 459 Cost per unit = 11 5,049 3459 Particulars Units Units Amount To Process B A/C To Process D A/C 84 9 Abnormal Loss Account Amount...

For the month just ended, the following data were generated by Alonzo Corporation. Physical units Units in process, beg. 4,000 gallons Materials, chemicals (?complete) Materials, cans (0% complete)...

good day , kindly provide the answers with solutions . thankyou . cost accounting - Production in July resulted in 100 lost units of which 60 was considered normal and 40 abnormal. The 100 units were...

Normal Loss and Abnormal Loss 1. From an input of 1 000 units, actual output was 850 units. Normal waste is 10% of input which has no value. Input cost was RM9,000. What was the normal cost per unit...

For Figure 2.8, verify the following: a. The S&R index price at which the put option diagram intersects the x-axis is $924.32. b. The S&R index price at which the put option and forward contract have...

A common saying goes, "It's not the fall that hurts you; it's the sudden stop." Translate this into Newton's laws of motion.

In an article " OHM employee says she was fired over a Facebook comment " Do you think she was fired due to her comment on Favebbok or not? Include tour reasoning behind your answer.

a. The United States Congress is well qualified to debate and set generally accepted accounting principles. Comment. b. Speculate on why these bills were directed to amend the Securities Exchange Act...