Angolan Products processes its products through three separate stages. Details of production for the month...
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Angolan Products processes its products through three separate stages. Details of production for the month ending 31 May were as follows: Process Raw Materials Direct Labour Production Overheads Normal Loss Actual Output Primary Secondary Finishing 65,000 kg $0.60/kg $5,730 $7,200 $11,280 $3,240 $4,100 $9,655 10% 5% 5% 55,000 53,000 48,000 During the month $6,300 worth of materials were used in the secondary process. 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. Losses from the finishing process are sold at $1.50 per kg. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s).
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