Prepare the three process accounts and a statement of profit.


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Prepare the three process accounts and a statement of profit. 1 answer below » A product is produced in three consecutive processes. The details are shown as follows: Process I Process II Process III Raw materials used 2,CO,C00 – – 1,CCO tames (Rs.) Wages 87,500 39,500 10,710 Weight lost 5% 10% 20% (% of input of the process) Scrap (sale price: 50 tonnes 30 tonnes 51 tonnes Rs. 50/tonne) Sale price per tonne (Rs.) 350 5C0 800 Management expenses were Rs. 17,500 and selling expenses Rs. 10,000. Two-thirds of the output of Process I and one-half of the output of Process II are View complete question » A product is produced in three consecutive processes. The details are shown as follows: Process I Process II Process III Raw materials used 2,CO,C00 – – 1,CCO tames (Rs.) Wages 87,500 39,500 10,710 Weight lost 5% 10% 20% (% of input of the process) Scrap (sale price: 50 tonnes 30 tonnes 51 tonnes Rs. 50/tonne) Sale price per tonne (Rs.) 350 5C0 800 Management expenses were Rs. 17,500 and selling expenses Rs. 10,000. Two-thirds of the output of Process I and one-half of the output of Process II are passed on to the next process and the balances are sold. The entire output of Process III is sold. Prepare the three process accounts and a statement of profit. View less » Jun 11 2014 04:16 PM

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