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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Product Simba is made by processing materials in three sequential processes, 1, 2 and 3. The
details of the process cost for the financial period 2 were as follows:
Process 1
Process 2
Process 3
K
K
K
Direct Material introduced (5000kg)
40 000
Direct Materials added
12 000
25 280
46 400
Direct Labour
10 000
12 000
20 000
Direct Expenses
8 000
12 400
8 160
Budgeted departmental overheads for period 2 were K168,000 cost of each process on a
percentage of Direct Labour Cost.
Output and normal loss data are as follows:
Process 1
Process 2
Process 3
K
K
Actual Output
4 400kg
4 200kg
3 500kg of
product Simba
Normal loss
10%
5%
10%
Normal loss is a partially toxic material and is sold at K2, K6 and K10 in processes 1, 2 and
3 respectively.
There was no finished inventory at the beginning of the period and no work-in process at
either the beginning or end of the period.
Required; Find, all the process accounts and the losses account.
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