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;

Process 1 Material introduced (4,000 units)             @GH₵200.00	Process 2
Material added	GH₵25,000.00
Labour Costs (@GH₵400 per hour)                   200hrs	600hrs
Output in units                                                3,500units	3,150units
Scrap value of normal loss                    GH₵20 per unit Note; Overhead is absorbed at 80% of labour costs. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks	GH₵40 per unit
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.