1 The following information is shown in respect of Process 3 for the month of September Opening stock 2,000 units Value ($) Degree of Completion Input material 16,000 100 complete Additional material 12,000 80 complete Labour 8,000 60 complete Overhead 4,000 50 complete Total value 40,000 Transfer from process 2 20,000 units valued at $466,720 Transfer to process 4 15,000 units Process costs during September were as follows $ Additional material 146,544 Labour 119,260 Overhead 89,720 Closing stock 6,000 units Degree of completion Input materials 100 complete Additional material 40 complete Labour 50 complete Overhead 60 complete Units scrapped 1,000 units Degree of completion Input materials 100 complete Additional material 60 complete Labour 50 complete Overhead 40 complete Normal loss is 4 of production Units scrapped were realized at $20 per unit Required Prepare the Process 3 account using the either the FIFO method or the average cost method (25 marks) 1 The following information is shown in respect of Process 3 for the month of September Opening stock 2,000 units Value ($ Degree of Completion Input material 16,000 100 complete Additional material 12,000 80 complete Labour 8,000 60 complete Overhead 4,000 50 complete Total value 40,000 Transfer from process 2 20,000 units valued at $466,720 Transfer to process 4 15,000 units Process costs during September were as follows $ Additional material 146,544 Labour 119,260 Overhead 89,720 Closing stock 6,000 units Degree of completion Input materials 100 complete Additional material 40 complete Labour 50 complete Overhead 50 complete Units scrapped 1,000 units Input materials Additional material Labour Overhead Degree of completion 100 complete 60 complete 50 complete 40 complete Normal loss is 4 of production Units scrapped were realized at $20 per unit Required Prepare the Process 3 account using the either the FIFO method or the average cost method (25 marks)

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1. The following information is shown in respect of Process 3 for the month of September: Opening stock: 2,000 units Value ($) Degree of Completion

1. The following information is shown in respect of Process 3 for the month of September: Opening stock: 2,000 units

Value ($) Degree of Completion

Input material 16,000 100% complete

Additional material 12,000 80% complete

Labour 8,000 60% complete

Overhead 4,000 50% complete

Total value 40,000 Transfer from process 2: 20,000 units valued at $466,720

Transfer to process 4: 15,000 units

Process costs during September were as follows:

Additional material 146,544

Labour 119,260

Overhead 89,720

Closing stock: 6,000 units

Degree of completion

Input materials 100% complete

Additional material 40% complete

Labour 50% complete

Overhead 60% complete

Units scrapped: 1,000 units

Degree of completion

Input materials 100% complete

Additional material 60% complete

Labour 50% complete

Overhead 40% complete

Normal loss is 4% of production. Units scrapped were realized at $20 per unit.

Required: Prepare the Process 3 account using the either the FIFO method or the average cost method (25 marks)

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1. The following information is shown in respect of Process 3 for the month of September: Opening stock: 2,000 units Value ($ Degree of Completion Input material 16,000 100% complete Additional material 12,000 80% complete Labour 8,000 60% complete Overhead 4,000 50% complete Total value 40,000 Transfer from process 2: 20,000 units valued at $466,720 Transfer to process 4: 15,000 units Process costs during September were as follows: $ Additional material 146,544 Labour 119,260 Overhead 89,720 Closing stock 6,000 units Degree of completion Input materials 100% complete Additional material 40% complete Labour 50% complete Overhead 50% complete Units scrapped: 1,000 units Input materials Additional material Labour . Overhead Degree of completion 100% complete 60% complete 50% complete 40% complete Normal loss is 4% of production. Units scrapped were realized at $20 per unit. Required: Prepare the Process 3 account using the either the FIFO method or the average cost method (25 marks)