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CoursHeroTranscribedText: otation Two Pass-Well Company Limited produces a product that passes through two processes. Process...

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Accounting

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CoursHeroTranscribedText: otation Two Pass-Well Company Limited produces a product that passes through two processes. Process I and Process 2. Details of activities for the month of December, 2020 is as follows; Process 1 Process 2 Material introduced [4.ooo units) @GHEED- Materiai added GH25,. Labour Costs (@GHtf-tl per hour} lrhrs hrs |Dutput in units 3,5units 3,15units Scrap value of normal loss GHIZ per unit GH'll'Ii per unit Note; i. Overhead is absorbed at 30% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks a. You are required to prepare tlte relevant accounts d b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment: product cost and period costs; direct cost and indirect cost a

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