QUESTION 1 In a certain month, 2000 units were introduced into process 1. The normal loss was expected to be 5% on inputs. At the end of the month, 1,400 units had been produced and transferred to the next process. 460 units were uncompleted and 140 units had been scrapped. It was established that uncompleted units had reached a stage in production as follows: Material 60% Labour 40% Overheads 10% The cost of the 2000 units introduced into process 1 was GH5,800.00 Materials introduced into the process amounted to GH1,440.00 Direct wages amounted to GH3,340.00 Production overhead incurred was GH1,670.00 Units scrapped realized GH1.00 each The units scrapped have passed through the process, so were 100% completed as regards materials, labour and overheads. You are required to prepare: i.Statement of Equivalent Units ii. Statement of Cost iii. The process 1 account and the abnormal loss account