EXERCISE $-$ PROCESS COSTING $(20$ MARKS$)$

Iqbal Company's product passes through three distinct processes, $1,2$ and $3,$ and then to the finished stock. It is known from the past experience that wastage occurs in the process as under:

In Process $1,5\%$ of the units entering the process.

In Process $2,10\%$ of the units entering the process.

In process $3,7\%$ of the units entering the process.

The scrap value of the wastages in process $1$ is RM$1\mathrm{.}50$ per units and in process $2$ is RM$1\mathrm{.}00$ per units and in process $3$ is RM$3\mathrm{.}00.$

$\backslash$table$[[,$Process $1,$Process $2,$Process $3],[,$RM$,$RM$,$RM$],[$Material $-$ Quzs,$8,000,5,000,2,000],[$Material $-$ Qfzs$,-,4,000,3,000],[$Material $-$ Qpzs$,-,2,000,3,000],[$Wages$,6,000,5,000,4,000],[$Manufacturing expenses,$6,000,6,000,6,000]]$

$20,000$ units of materials were brought into Process $1$ costing RM$20,000.$ The output were:

Process $18,500$ units

Process $216,700$ units

Process $3,15,500$ units

Required:

Prepare the relevant process cost account showing the cost of the output.