Intermediate: Equivalent production and no losses A firm operates a process, the details of which for the period were as follows. There was no opening work-in-progress. During the period 8250 units were received from the previous process at a value of £453 750, labour and overheads were £350060 and material introduced was £24 750. At the end of the period the closing work-in¬ progress was 1600 units, which were 100% complete in respect of materials, and 60% complete in respect of labour and overheads. The balance of units were transferred to finished goods.

Requirements:

(a) Calculate the number of equivalent units produced. (3 marks)

(b) Calculate the cost per equivalent unit.

(c) Prepare the process account. (7 marks)

(d) Distinguish between joint products and by¬ products, and briefly explain the difference in accounting treatment between them.