IM$5\mathrm{.}7$ Intermediate: Process accounts involving an abnormal gain and equivalent production. The following information relates to a manufacturing process for a period:Materials costs $16,445$Labour and overhead costs $28,596$A total of $10,000$ units of output were produced by the process in the period, of which $420$ failed testing and were scrapped. Scrapped units normally represent $5$ per cent of total production output. Testing takes place when production units are $60$ per cent complete in terms of labour and overheads. Materials are input at the beginning of the process. All scrapped units were sold in the period for $0\mathrm{.}40$ per unit.Required:Prepare the process accounts for the period, including those for process scrap and abnormal losses$/$gains$.(12$ marks$)$ACCA Foundation Stage Paper $3$