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Required: i) The process account for each process: and i) The abnormal loss/gain account(s) showing J& G Manufacturing true loss/gain.

Required: i) The process account for each process: and i) The abnormal loss/gain account(s) showing J& G Manufacturing true loss/gain.

FINANCIAL ACCOUNTING
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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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 Input material: Material added Direct Labour cost Manufacturing Overhead Normal losses Output Scrap value of losses 16,250 kg $390,000 $36,750 $57.300 $61,000 $112,800 $97,080 $92,200 $63,000 8% 6% 6% 13,750 kg 13,250 kg 12,000 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) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
Transcribed Image Text: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 Input material: Material added Direct Labour cost Manufacturing Overhead Normal losses Output Scrap value of losses 16,250 kg $390,000 $36,750 $57.300 $61,000 $112,800 $97,080 $92,200 $63,000 8% 6% 6% 13,750 kg 13,250 kg 12,000 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) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
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