from the following details prepare statement of equivalent production statement of c 620813
Model: Equivalent Production – FIFO Method
From the following details, prepare statement of equivalent production, statement of cost and compute the value of
(1) Output transferred and (2) Closing WIP:
Opening of WIP Costs: 2,000 units
|
Rs. |
|
|
Materials (100% complete) |
37,500 |
|
Labour (60% complete) |
15,000 |
|
Overhead (60% complete) |
7,500 |
Units introduced into this process are 8,000 units
There are 2,000 units in the process and the stage of completion is estimated to be:
Materials = 100%
Labour= 50%
Overhead = 50%
8,000 units are transferred to the next process.
|
The Process Costs for the Period Are |
|
|
Materials |
5,00,000 |
|
Labour |
3,90,000 |
|
Overhead |
1,95,000 |