2. In the month of January, 2,000 units were introduced into process 1. The norma loss was expected to be 5% on inputs. At the end of the month, 1,400 units had been produced and transferred to the...

Extracted text: 2. In the month of January, 2,000 units were introduced into process 1. The norma loss was expected to be 5% on inputs. At the end of the month, 1,400 units had been produced and transferred to the next process. 460 units were uncompleted and 140 units had been scrapped. It was established that uncompleted units hac reached a stage in production as follows: Material 75% Labour 50% Overheads 50% The cost of 2000 units was GH¢7, 240.00 Direct wages amounted to GH¢3,340.00 Production overhead incurred was GH¢1,670.00 Units scrapped realized GH¢1.00 each The units scrapped have passed through the process, so were 100% completed as regards materials, labour and overheads. You are required to prepare: Statement of Equivalent Units ii. i. Statement of Cost ii. The process 1 account and the abnormal loss/gains account iv. Scrap a/c