Question one A chemical manufacturing company operates a processing system to produce a chemical branded 'oit' which passes through three production processes. The following information relates to the production of chemical oil: 1. In the month of November 2020, 8,000 litres of basic raw materials at accost of $640,000 were introduced into process 1. 2. The following costs were incurred during the production period: Process 1 $ Materials ( Added) Direct Labour Direct Expenses 2 $ 220,000 150,000 50,000 3 S 180,000 100,000 20,000 350,000 90,000 3. The output, normal process losses and scrap value for losses for each process were as follows: Process Output (Litres) Normal loss(%) 1 2 3 7,000 6,900 6,603 Scrap value (5) S 10 12 8 5 3 4. Manufacturing overheads are absorbed into each process at a rate of 20% of direct labour cost 5. The output of each process passes directly to the next process at cost without any provision for internal profit. 6. There were no stocks of raw materials or work in progress at the beginning or at the end of the production period. Required: 0 Process 1,2,&3 accounts (ii) Abnormal gain and abnormal loss accounts ( 9 Marks)