Please answer all,, its due today

rull 7% 08:33 7. You many assume that one liter is equivalent to one kilo and that the three products are immediately identifiable at split off. Requirement Marks 2.1 Calculate the total joint costs to be allocated to joint products in May 2020. 10 Calculate the gross profit for each of the three products, using the following methods of allocating joint process costs. 2.2 12 2.2.1 physical units methods 6 2.2.2 Sales value at split off method. Snackers Kitchen has offered to buy the whole output of product CM after further processing into sour cream. The further processing will cost N$60 per kilo. There will be a 10% loss in the process (i.e. in further processing) and the sour cream will be sold for N$150 per kilo. The loss incurred in further processing has no scrap value. 2.3.1 Calculate the total profit for product CM if further processing is carried out (You may assume that joint costs are allocated on physical unit basis). 2.3.2 Calculate the minimum selling price for product CM that should be charged if WDP wants to achieve the same profit as calculated in (2.2.1) above (i.e. Same profit when joint costs are allocated on physical units basis) N.B. Where applicable show all workings. Total 34 2.3 3 3 Question 3 (29 marks) Tulipamwe Windhoek ("TW") operates a process costing system to manufacture honey. The company buys raw honey from the farmers concentrated in the Zambezi region of Namibia. The process involves extracting raw-honey and filtering it to remove all forms of impurities (e.g. wax and bee stingers). The final product known as the "HoneyDew" is packaged into 500 grams (g) containers and sold to the local market. Raw honey is the only direct material required for the process. Raw honey required for the Honey Dew is added at the beginning of the process. Conversion costs are incurred evenly throughout the process A normal loss is detected at inspection point which occurs when the process is 70% complete. The normal loss is 5% of the input raw honey that reaches this point. All losses in the process are sold at N$2 per kilo. One (1) kilo of the raw-honey adjusted for losses and/or gains yields one (1) kilogram of HoneyDew. Page 12 of 16 Ad Ad was inappropriate Not interested in this ad Seen this ad multiple times c Potill 7% 08:33 1 The following information relates to the process for the month ended 31 August 2020: Details Notes Quantity Amount Sales - Honeydew ?? N$783 250 Opening inventory of finished goods (Honey Dow) 150 units N$?? Closing inventory of finished goods (Honey Dew) ?? units N$?? Opening work-in-progress (WIP) - 60% complete 2 1 200 kg N$64 800 Closing WIP - 80% complete N$?? Raw-honey put into production in the current period 5 800 kg N$331 300 Direct labour costs: current period N$56 920 Production overheads: current period N$60 000 750 kg 3 3 3 Notes: 1. HoneyDew was sold at N$65 per unit in the month of August 2020 2. N$10 800 of the opening WIP value relates to the conversion costs and the balance thereof relates to the raw honey costs. 3. TW completed and transferred 6 000 kilograms during the month. Marks 10 Requirement 3.1 Prepare the actual quantity statement for TW for the month of August 2020. 3.2 Calculate TW's actual closing finished goods value as it would have appeared in the profit statement for the month of August 2020. 3.3 Briefly contrast the treatment of a normal loss value to that of an abnormal loss value in the profit statement applying process costing principles. Ignore the implications of scrap value(s). 17 2 N.B. Where applicable show all workings. Round off your workings and final answer to two decimal places. Total 29 Total assignment 1: 93 marks Page 13 of 16 Ad Ad was inappropriate Not interested in this ad Seen this ad multiple times c