Please answer question PROCESS COSTING IDiscussion QuestionJ&G Manufacturing makes a single product by way of three separate processes. Details ofproduction for the month ending June 30 were as follows:ProcessProcess 1Process 2Process 3Input material:Material added16,250 kg$390,000$36,750$92,200$63,000$112,800$97,080Direct Labour cost$57,300$61,000Manufacturing OverheadNormal losses8%6%6%13,750 kg13,250 kg12,000 kgOutputScrap value of losses$16.00/kg $32.00/kgThe nature of the process requires equipment to be cleaned at the end of each month; hencethere is no opening or closing stock of product in process.Required:i)ii)The process account for each process: andThe abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.

Part 1 First Let us Calculated: Abnormal loss in process 1 = 16250 *92% - 13750 = 1200 kgs Abnormal…

Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 2 Process 1 Process 3 Input material: Material added 16,250 kg $390,000 $36,750 $92,200 Direct Labour cost $112,800 $57,300 $61,000 Manufacturing Overhead $63,000 $97,080 Normal losses 8% 6% 6% 12,000 kg Output Scrap value of losses 13,750 kg 13,250 kg $16.00/kg $32.00/kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) ii) The process account for each process: and The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.

Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 2 Process 1 Process 3 Input material: Material added 16,250 kg $390,000 $36,750 $92,200 Direct Labour cost $112,800 $57,300 $61,000 Manufacturing Overhead $63,000 $97,080 Normal losses 8% 6% 6% 12,000 kg Output Scrap value of losses 13,750 kg 13,250 kg $16.00/kg $32.00/kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) ii) The process account for each process: and The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.

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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