1. Yellow Co has two processes, Y and Z. There is an expected loss of 5% of inputin process Y and 7% of input in process Z. Activity during a four week period is asfollows.YMaterial input (kg)20,000Output (kg)18,50026,100Is there an abnormal gain or abnormal loss for each process?Z28,0002. 3,000 units of material are input to a process. Process costs are as follows.Material$11,700Conversion costs$6,300Output is 2,000 units. Normal loss is 20% of input.Required Prepare a process account and the appropriate abnormal loss/gain account.

Process costing means when raw material is added in one process and different process are applied to…

1. Yellow Co has two processes, Y and Z. There is an expected loss of 5% of input in process Y and 7% of input in process Z. Activity during a four week period is as follows. Y Material input (kg) 20,000 Output (kg) 18,500 26,100 Is there an abnormal gain or abnormal loss for each process? Z 28,000

1. Yellow Co has two processes, Y and Z. There is an expected loss of 5% of input in process Y and 7% of input in process Z. Activity during a four week period is as follows. Y Material input (kg) 20,000 Output (kg) 18,500 26,100 Is there an abnormal gain or abnormal loss for each process? Z 28,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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There are no units in process at the beginning of the period, 1,000 units in process at the end of the period that are 40% complete, and 5,000 units transferred out during the period. Based on this information, there were 4,600 equivalent units of production during the period. True or False?
900 units are introduced in a process in which normal loss is 20%. If the actual output of the process is 650 units, then there is... a. Normal gain O b. Neither abnormal loss nor abnormal gain c. Abnormal Loss d. Abnormal gain
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