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Question - Petro manufacturing Sdn Bhd produces a product which has to go through 2 process 1 and process 2.
The normal wastage for process 1 is 5% which can be sold to consumer at RM2 per kg and the normal wastage for process 2 is 10% which has no scrap value. In a given period the following data were recorded for process 1:
Material 160 kg at RM23 per kg
Labour RM1,448
Overhead RM1,448
The actual production was 150 kg which will be transferred to Process 2.
The actual costs for process 2 were as follows:
Labour RM1,500
Overhead RM1,000
The actual finished good to be sold to consumer are 137 kg (output)
Required - Prepare process accounts for both processes.
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