Answer question i and 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 1Process 2 Process 3Input material:Material addedDirect Labour costManufacturing OverheadNormal losses16,250 kg$390,000$57,300$61,000$36,750$92,200$63,000$112,800$97,0808%6%6%13,250 kg12,000 kg$16.00/kg $32.00/kg|Output13,750 kgScrap value of lossesThe 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)The process account for each process: andThe abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.ii)

Process costing method used where raw material transferred in the different process then transferred…

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 16,250 kg $36,750 $92,200 $63,000 Direct Labour cost $57,300 $61,000 $112,800 $97,080 Manufacturing Overhead Normal losses 8% 6% 6% 13,250 kg 12,000 kg $16.00/kg | $32.00/kg Output 13,750 kg Scrap value of losses 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 16,250 kg $36,750 $92,200 $63,000 Direct Labour cost $57,300 $61,000 $112,800 $97,080 Manufacturing Overhead Normal losses 8% 6% 6% 13,250 kg 12,000 kg $16.00/kg | $32.00/kg Output 13,750 kg Scrap value of losses 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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