Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please assist with Process 2 ONLY. Thank youu! Century Bhd is a well- known company of food industry in Malaysia. The company applies process costing

image text in transcribed

Please assist with Process 2 ONLY. Thank youu!

image text in transcribedimage text in transcribed
Century Bhd is a well- known company of food industry in Malaysia. The company applies process costing to produce a product named Delibest. The ingredients of the product are mixed in two different processing departments, Process 1 and Process 2. The output of Process 1 becomes the input for Process 2 and the output of Process 2 is transferred to the packing department. The information below relates to the Process 1 and Process 2 of producing the product for May 2021: Process 1 Input: Material A 6,000 kg at RM0.50 per kg Material B 4,000 kg at RM1.00 per kg Mixing labour 430 hours at RM2 per hour Expected output 95% of input Actual output 9,200 kg Process 2 Input: Material C 6,600 kg at RM1.25 per kg Material D 4,200 kg at RM0.75 per kg Flouring essence RM300 Mixing labour 370 hours at RM2.00 per hour Expected output 95% of input Actual output 18,000 kgAdditional information: 1. In May, overhead of RM3,200 incurred by two processes was absorbed on the basis of mixing labour hours. 2. Scrap was sold at RM0.16 per kilogram for Process 1 and RM0.32 for Process 2. 3. Cost per unit is to be calculated to four decimal places and all other calculations are to be rounded up to nearest RM. Required: Prepare Process 1 and 2 accounts (show all the workings)

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

Step: 3

blur-text-image

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

Government and Not-for-Profit Accounting Concepts and Practices

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith

8th edition

1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857

More Books

Students also viewed these Accounting questions

Question

The relevance of the information to the interpreter

Answered: 1 week ago