Question 3 Joy Limited has the following information relating to one of its production processes for the month of March 2008: (1) Opening work in progress was 2,000 units at $24,800 and its breakdown was: Degree of Completion Materials input Labour Overheads 100% 12,000 10,000 2.800 24.800 40% 30% Costs incurred during the period were: Materials input (2) 10,000 units at S72,500 $36,000 Labour Overheads $25,800 (3) Closing work in process were 3,000 units and their degree of completion of Individual components were: Materials input Direct labour 100% 60% 40% Overheads (4) Normal loss was 10% of the materials input during current period. The scrap value of loss was $5 per unit. 1,200 units were actually scrapped during the month. It is the company's cost accounting policy to deduct the scrap value of normal loss from the cost of materials input in the current process. REQUIRED: (a) Prepare the following accounts for the month of March 2008 using the first in first out method (i) (i) Process account (15 marks) Abnormal loss account ( 5 marks)