Pass-Well Company Limited produces a product that passes through two processes, Process 1 and Process 2. Details of activities for the month of December, 2020 is as follows; Process1 Process 2 Material introduced (4,000 units) @GH200.00 Material added GH25,000.00 Labour Costs (@GH400 per hour) 200hrs 600hrs Output in units 3,500units 3,150units Scrap value of normal loss GH20 per unit GH40 per unit

Note; i. Overhead is absorbed at 80% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks a. You are required to prepare the relevant accounts (12 marks) b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment; product cost and period costs; direct cost and indirect cost (8 marks)