Question 3 A product is manufactured by passing materials through two processes. Production costs for 2021 January are as follows: Process A Process B Direct materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kg Direct labour $2 000 $1 500 Overheads 100% of direct labour cost 125% of direct labour cost There is no beginning or ending work in progress inventory. Normal losses: Process A 10% Process B 5% Scrapped values: Process A $1.75 per kg Process B $2.50 per kg Output for 2021 January was: Process A 3 500 kg Process B 5 050 kg A. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts.

Question 3 A product is manufactured by passing materials through two processes. Production costs for 2021 January are as follows: Process A Process B Direct materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kg Direct labour $2 000 $1 500 Overheads 100% of direct labour cost 125% of direct labour cost There is no beginning or ending work in progress inventory. Normal losses: Process A 10% Process B 5% Scrapped values: Process A $1.75 per kg Process B $2.50 per kg Output for 2021 January was: Process A 3 500 kg Process B 5 050 kg A. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts.

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Description: Question 3A product is manufactured by passing materials through two processes. Production costs for2021 January are as follows:Process A Process BDirect materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kgDirect labour $2 000 $1 500Overheads 10

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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A product is manufactured by passing materials through two processes. Production costs for2021 January are as follows:Process A Process BDirect materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kgDirect labour $2 000 $1 500Overheads 100% of direct labour cost 125% of direct labour costThere is no beginning or ending work in progress inventory.Normal losses:Process A 10%Process B 5%Scrapped values:Process A $1.75 per kgProcess B $2.50 per kgOutput for 2021 January was:Process A 3 500 kgProcess B 5 050 kgA. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts. C. Explain the term, equivalent units.
A product is manufactured by passing materials through two processes. Production costs for 2021 January are as follows: Process A Process B Direct materials Direct labour 4 000 kg @ $3.00 per kg $2 000 1 500 kg @ $2.50 per kg $1.500 Overheads 100% of direct labour cost 125% of direct labour cost There is no beginning or ending work in progress inventory. Normal losses: Process A 10% Process B 5% Scrapped values: Process A $1.75 per kg Process B $2.50 per kg Output for 2021 January was: Process A 3.500 kg Process B 5 050 kg A. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts.
INSTRUCTIONS: Answer ALL the following questions. ப A product is manufactured by passing materials through two processes. Production costs for 2021 January are as follows: Process A Process B Direct materials 4 000 kg @ $3.00 per kg Direct labour Overheads $2.000 1 500 kg @ $2.50 per kg $1 500 100% of direct labour cost 125% of direct labour cost There is no beginning or ending work in progress inventory. Normal losses: Process A 10% Process B 5% Scrapped values: Process A $1.75 per kg Process B $2.50 per kg Output for 2021 January was: Process A 3 500 kg Process B 5 050 kg A. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts. C. Explain the term, equivalent units.
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