快速查题-ACCA英国注册会计师试题

Which of the following statements is/are correct?(i) A by-product is a product produced at the same time as other products which has a relatively low volume compared with the other products(ii) Since a by-product is a saleable item it should be separately costed in the process account, and should absorb some of the process costs(iii) Costs incurred prior to the point of separation are known as common or joint costs

A company manufactures two joint products and one by-product in a single process. Data for November are as follows.

                                                    $

Raw material input                216,000

Conversion costs                   72,000

There were no inventories at the beginning or end of the period. 

                                                               Output                                     Sales price 

                                                                Units                                       $ per unit

Joint product E                                       21,000                                            15

Joint product Q                                      18,000                                            10

By-product X                                           2,000                                              2

By-product sales revenue is credited to the process account. Joint costs are apportioned on a sales value basis. What were the full production costs of product Q in November (to the nearest $)?

In a process account, how are abnormal losses valued?

A chemical process has a normal wastage of 10% of input. In a period, 2,500 kgs of material were input and there was an abnormal loss of 75 kgs.

What quantity of good production was achieved?

In a particular process, the input for the period was 2,000 units. There were no inventories at the beginning or end of the process. Normal loss is 5% of input. In which of the following circumstances is there an abnormal gain?

(i) Actual output = 1,800 units

(ii) Actual output = 1,950 units

(iii) Actual output = 2,000 units