2. In the month of January, 2,000 units were introduced into process 1. The norma loss was expected to be 5% on inputs. At the end of the month, 1,400 units ha been produced and transferred to the next process. 460 units were uncomplete and 140 units had been scrapped. It was established that uncompleted units ha reached a stage in production as follows: Material 75% Labour 50% Overheads 50% The cost of 2000 units was GH¢7, 240.00 Direct wages amounted to GH¢3,340.00 Production overhead incurred was GH¢1,670.00 Units scrapped realized GH¢1.00 each The units scrapped have passed through the process, so were 100% complete as regards materials, labour and overheads. u are required to prepare: Statement of Equivalent Units Statement of Cost The process 1 account and the abnormal loss/gains account

2. In the month of January, 2,000 units were introduced into process 1. The norma loss was expected to be 5% on inputs. At the end of the month, 1,400 units ha been produced and transferred to the next process. 460 units were uncomplete and 140 units had been scrapped. It was established that uncompleted units ha reached a stage in production as follows: Material 75% Labour 50% Overheads 50% The cost of 2000 units was GH¢7, 240.00 Direct wages amounted to GH¢3,340.00 Production overhead incurred was GH¢1,670.00 Units scrapped realized GH¢1.00 each The units scrapped have passed through the process, so were 100% complete as regards materials, labour and overheads. u are required to prepare: Statement of Equivalent Units Statement of Cost The process 1 account and the abnormal loss/gains account

Name: 2. In the month of January, 2,000 units were introduced into process
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Description: 2. In the month of January, 2,000 units were introduced into process 1. The normaloss was expected to be 5% on inputs. At the end of the month, 1,400 units hadbeen produced and transferred to the next process. 460 units were uncompletedand 140 units

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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