A company manufactures two joint products in a common process, which consists of two consecutive stages. Output from Process 1 is transferred to Process 2, and the output from Process 2 consists of the final joint products X and Y. All the joint products are sold as soon as they are produced. There were no opening and closing inventories for both processes.

The following information was available for the latest accounting period:

Process 1

Process 2

Direct material

300 units

Cost per unit of direct material

$30

Conversion costs

$5,000

$18,000

Normal loss

10% of input

15% of input

Scrap value of normal loss

$4 per unit

$6 per unit

Output

240 units

90 units of X

60 units of Y

The company uses unit basis of apportionment for common process costs.

Required:

a.Prepare the process accounts for Process 1 and Process 2.