please assist with ii) J & G Manufacturing makes a single product by way of three separate processes. Details ofproduction for the month ending June 30 were as follows:ProcessProcess 2 Process 3Process 1Input material:Material addedDirect Labour costManufacturing OverheadNormal lossesOutputScrap value of losses16,250 kg$390,000$36,750$92,200$63,000$112,800$57,300$61,000$97,0806%8%6%13,250 kg12,000 kg$16.00/kg $32.00/kg13,750 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.

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 1 Process 2 Process 3 $390,000 Input material: Material added Direct Labour cost Manufacturing Overhead Normal losses | Output | Scrap value of losses 16,250 kg $36,750 $92,200 $63,000 6% $112,800 $97,080 6% $57,300 $61,000 8% 13,250 kg 12,000 kg $16.00/kg| $32.00/kg| 13,750 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) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.

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 1 Process 2 Process 3 $390,000 Input material: Material added Direct Labour cost Manufacturing Overhead Normal losses | Output | Scrap value of losses 16,250 kg $36,750 $92,200 $63,000 6% $112,800 $97,080 6% $57,300 $61,000 8% 13,250 kg 12,000 kg $16.00/kg| $32.00/kg| 13,750 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) The process account for each process: and ii) 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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