Question 4 4.1 Prepare a Process I Account and Abnormal Loss Account from the following information. (13 marks) Input of Raw material 1000 units @ N$20 per Unit Direct Material N$4,200 Direct Wages N$6,000 Production Overheads N$6,000 Actual output transferred to process II 900 units Normal Loss 5% Value of Scrap per unit N$8 Note: It has been assumed that units of abnormal loss have also been sold at the same rate i.e. of Normal Scrap. 4.2 Caps Ltd produces four joint products. Joint costs for January 2019 were N$140 000. Data pertaining to the four products are as follows: Product Production Further costs Selling price (per Weighting units (N$) unit) 10 000 3 000 N$5.50 40 000 6 000 N$1.60 30 000 5 000 N$1.50 20 000 10 000 N$3.00 Required: Allocate the joint costs to each product using the net realisable value method. (12 Marks)