QUESTION 1 A product is manufactured by passing chemicals through two consecutive process. Stores record card for materials used exclusively by the first process shows the following data for May 2018: Opening stock 4,000 units at a cost GHC1,080 Receipt from stores 20,000 units at a cost of GHC6,100 Closing stock 8,000 units at a cost GHC2,420 Other process cost data for the period is as follow; Process 1 2 Direct labour GHC488 GHC600 Direct expenses GHC427 Overheads 250% of direct labour 100% of direct labour Output 8,000 7.500 units Closing WIP 5,600 units Normal yield 85% of input 90% of input Scrap value of losses GHC0.17 per unit GHC0.15 per unit In process 1, the closing WIP has just passed through inspections, which is at the stage where materials and conversion cost are 100% and 75% complete respectively. In process 2, inspection is at the final operation. Required: Prepare relevant accounts to show the result of the process for May 2018 (15 Marks] QUESTION 1 A product is manufactured by passing chemicals through two consecutive process. Stores record card for materials used exclusively by the first process shows the following data for May 2018: Opening stock 4,000 units at a cost GHC1,080 Receipt from stores 20,000 units at a cost of GHC6,100 Closing stock 8,000 units at a cost GHC2,420 Other process cost data for the period is as follow; Process 1 2 Direct labour GHC488 GHC600 Direct expenses GHC427 Overheads 250% of direct labour 100% of direct labour Output 8,000 7.500 units Closing WIP 5,600 units Normal yield 85% of input 90% of input Scrap value of losses GHC0.17 per unit GHC0.15 per unit In process 1, the closing WIP has just passed through inspections, which is at the stage where materials and conversion cost are 100% and 75% complete respectively. In process 2, inspection is at the final operation. Required: Prepare relevant accounts to show the result of the process for May 2018 (15 Marks]