a$)$ Rra Madila Manufacturers makes one of the popular milk products common today in town. This milk product

goes through a single process, and the details are provided below:

Material cost $-$input $20000$ litres P$39,000$; Labour cost P$18000$; Production overhead cost P$8,550$

Output $18800$ litres; Normal losses $5\%$ of input

Process losses have no value.

Required to: Prepare the process account for this milk product, showing all the workings on how you

calculate the unit cost of the good output and the abnormal gain $/$loss $(12)$

b$)$ Rra Madila has notified you that he is using the Last In First Out to value inventory. For the month of January

$2024,$ he has provided you with the following information relating to one of his inventory items know as JEX.

January $1$: Opening inventory of JEX was $300$ units valued at P$11$ per unit.

January $4$: Purchased $400$ units of JEX at P$12$ per unit.

January $13$: Issued from the warehouse to production $600$ units of JEX

January $18$: Purchased $500$ units of JEX at P$13$ per unit.

January $25$: Issued from the warehouse to production $300$ units of JEX

Rra Madila has requested to know the value of closing inventory of JEX at end of January $2024,$ using the LIFO

method. $(13)$