Question Two Pass-Well Company Limited produces a product that passes through two processes, Process 1 and Process 2. Details of activities for the month of December, 2020 is as follows; Process 1 Process 2 Material introduced (4,000 units) @GHC200.00 Material added GHC25,000.00 Labour Costs (@GHC400 per hour) 200hrs 600hrs Output in units 3,500units 3,150 units Scrap value of normal loss GHC20 per unit GHC40 per unit Note; i. Overhead is absorbed at 80% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks a. You are required to prepare the relevant accounts (12 marks) b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment; product cost and period costs; direct cost and indirect cost (8 marks) Question Three Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component part used in manufacturing Akohia Soap for the period ended 31" August, 2020. Units Total Cost (GH) Stock on hand at January 1, 2020 2,000 100,000 Purchases made during the period; January 4,000 200,000 March 3,000 180,000 May 8,000 640,000 July 2,000 100,000 Issues made during the period; February 5,000 April 1,000 June 1,800 August 2,500 Required: a. Using the Last-in-first-out method, prepare the Store Ledger Account for the period ended 31" August, 2020. (11 marks) b. One of the key methods of inventory control in modern times is the just-in-time system, list and explain 3 benefits of this system to a manufacturing company in Ghana. (6 marks) c. Explain three (3) importance of Job Costing