A company manufactures a chemical product by a series of operations in three processes. Raw material is fed into Process I and the finished chemical that comes out of Process III is transferred to...

Extracted text: A company manufactures a chemical product by a series of operations in three processes. Raw material is fed into Process I and the finished chemical that comes out of Process III is transferred to finished goods store. The following particulars relating to operations for April 2019 are given below : Process I Process II Process III Raw materials issued 80,000 kgs. Direct wages Overhead costs $9,60,000 $1,25,600 $1,68,000 3% $1,42,500 $1,24,690 1% $1,72,000 $1,77,280 2% Normal processing loss (% of input) Output transferred to next process Work-in-process (cb) (Processed material awaiting transfer to next process) Prepare the accounts of Processes I, II, and III and also abnormal loss and abnormal gain accounts, if any. 69,000 kgs. 74,000 kgs. 3,000 69,400 kgs. 2,400