Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

cost Accounting question Shown below is an extract from the accountant's working papers for the process cost accounts for October 2020 , of the final

cost Accounting question
image text in transcribed
Shown below is an extract from the accountant's working papers for the process cost accounts for October 2020 , of the final two operations in a factory producing one particular type of industrial chemical. Normally no losses are expected in Process 4. The company operates the FIFO method of charging opening stock to production and, at the beginning of October 2020, the value of the opening stock in Process 4 was K.16,400. Process 5 additional costs - Materials 10,175; Conversion costs K18,000, Normal loss cn Process 5 is 10% of input; all losses may be sold as scrap at K.2 per kg. Required Calculate the total cost of the 8,000kg of chemical transferred from process 4 to process 5 during October 2020. (10 Marks) Calculate the total cost incurred by process 4 during October 2020 for each of the following: (i) Material transferred from process 3 (2 Marks) (ii) Process 4 materials (2 Marks) (iii) Process 4 conversion costs (2 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting The Ultimate Guide To Accounting For Beginners

Authors: Greg Shields

1st Edition

1546332820, 978-1546332824

More Books

Students also viewed these Accounting questions

Question

5. Understand the role of institutional ethics committees.

Answered: 1 week ago