Required:Process 1 and Process 2 accounts. 1.Hafidz Bhd produces jewellery on various scales. One the jewellery thatit produces is called Red Ruby. The production of Red Ruby consists oftwo processes. The following information was provided on its productionfor March 2021.Process 1350 hoursDirect LabourNormal lossOutput8% of input120 kgProcess 2320 hours10% input140 kg(a)Direct materials for each process are as follows:Process 1Silver50 kg @ RM35/kg100 kg @ RM12/kgSteelProcess 2Red ruby 30 kg @ RM85/kgAdditional RM800(b)Labours for process 1 and process 2 were paid RM6 and RM8 perhours respectively. Overhead incurred is RM16,750 and wasabsorbed in both processes based on direct labour hours.(c) The scraps from process 1 can be sold at RM5 per kg and scrapsfrom process 2 has no value.(d)Direct expenses of RM2,000 was incurred in process 1.

Process costing is used in large manufacturing entities, in this method total of cost each process…

Hafidz Bhd produces jewellery on various scales. One the jewellery that it produces is called Red Ruby. The production of Red Ruby consists of two processes. The following information was provided on its production for March 2021. 1. Process 1 Process 2 320 hours 10% input 140 kg Direct Labour 350 hours 8% of input 120 kg Normal loss Output (a) Direct materials for each process are as follows: Silver 50 kg @ RM35/kg 100 kg @ RM12/kg Process 1 Steel Process 2 Red ruby 30 kg @ RM85/kg Additional RM800 (b) Labours for process 1 and process 2 were paid RM6 and RM8 per hours respectively. Overhead incurred is RM16,750 and was absorbed in both processes based on direct labour hours. (c) The scraps from process 1 can be sold at RM5 per kg and scraps from process 2 has no value. (d) Direct expenses of RM2,000 was incurred in process 1.

Hafidz Bhd produces jewellery on various scales. One the jewellery that it produces is called Red Ruby. The production of Red Ruby consists of two processes. The following information was provided on its production for March 2021. 1. Process 1 Process 2 320 hours 10% input 140 kg Direct Labour 350 hours 8% of input 120 kg Normal loss Output (a) Direct materials for each process are as follows: Silver 50 kg @ RM35/kg 100 kg @ RM12/kg Process 1 Steel Process 2 Red ruby 30 kg @ RM85/kg Additional RM800 (b) Labours for process 1 and process 2 were paid RM6 and RM8 per hours respectively. Overhead incurred is RM16,750 and was absorbed in both processes based on direct labour hours. (c) The scraps from process 1 can be sold at RM5 per kg and scraps from process 2 has no value. (d) Direct expenses of RM2,000 was incurred in process 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

An optional step in the account cycle is the preparation of:
Evaluate three accounting system controls.
Define transactions balance
Explain the steps in processing transactions and the role of source documents.
One business activity data have been entered in to the system, they must be to keep the database current Select one: O a Data input O b. Data processed O C. None of the other points O d. Data report
How payables ledger works with double entry accounting
What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.
pros and cons of both computerized and manual accounting systems.
Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of A. Data entry controls B. Output controls C. Logical access controls D. Segregation of duties
Recommend three controls of an accounting system
Give a project that involves accounting information system.
What is a sub-ledger? Group of answer choices a master set of account a trial balance subsidiary ledger a written code