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Explain the difference between a joint and a by-product

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Reference no: EM133177510

Question - The input to a purifying process is:

Direct Materials 80,000 kilos @ $8 per kilo

Direct Labour 10,000 hours @ $7 per hour

Overheads $140,000

Normal loss is 5% of input with any, scrap sold for $1.50 per kilo. Actual output is 62,000 kilos with closing work in progress at the end of the period being 6,000 kilos - fully complete for materials but only 60% complete for conversion costs.

Required -

a) Complete the Process Account.

b) Complete any Abnormal Loss or Gain Account.

c) Complete the Scrap Account.

d) Explain the difference between a Joint and a By-product.

Reference no: EM133177510

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