The details of finished goods completed, packaging costs incurred and the selling price for each product for the month of November 2017 are as follows: Product Quantity Packaging cost/kg Selling price/kg Tuna Flake 60,000 kg RM0.50 RM4.50 Tuna Chunk 32,000 kg RM0.60 RM4.80
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6 Required: a. Prepare Process 1 Account (round up to two (2) decimal places). (7 marks) b. Prepare Process 2 Account and the all relevant statements. (17 marks) c. Calculate the total profit attributed to each of the products. Assume the joint costs are apportioned based on physical units produced. (4 marks) d. Differentiate between normal loss and abnormal loss, and give an example for each. (2 marks)