Victoria is a publicly listed company. It process a product that passes through three distinct processes....

 

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Victoria is a publicly listed company. It process a product that passes through three distinct processes. The following was obtained from the accounts for the period. Process 1 Process 2 Process 3 Input 1,000 kg Material cost $30,000 Material added $15,000 $20,000 $19,520 Wages Factory overheads Output, kg $26,000 $9,930 $12,000 $10,200 $5,000 880 kg 820kg 700kg Normal loss 10% 10% 10% Scrap value of each lost unit $5 $10 $15 There was no stock at the start and end of either process. Your are required to prepare: a) process 1, 2 and 3 accounts b) normal loss account c) abnormal loss account d) abnormal gains account Victoria is a publicly listed company. It process a product that passes through three distinct processes. The following was obtained from the accounts for the period. Process 1 Process 2 Process 3 Input 1,000 kg Material cost $30,000 Material added $15,000 $20,000 $19,520 Wages Factory overheads Output, kg $26,000 $9,930 $12,000 $10,200 $5,000 880 kg 820kg 700kg Normal loss 10% 10% 10% Scrap value of each lost unit $5 $10 $15 There was no stock at the start and end of either process. Your are required to prepare: a) process 1, 2 and 3 accounts b) normal loss account c) abnormal loss account d) abnormal gains account