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

See similar textbooks

Similar questions

Define Prepayments.
Explain what is meant by the decision pattern ?
What does the concept "substance over form" stand for? Can you provide me with some examples?
What are the main components of DU pont Analysis? Explain.
Explain the Abstract and Opinion Method?
What's the final question's answer?