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presuming that average method of inventory is used prepare 649229

Following information is available regarding Process A for the month of August 2007

Production Record:

v Units in process as on 1st August: 4,000 [All materials used, 25% complete for labor and overheads]

v New units introduced: 16, 000

v Units completed: 14, 000

v Units in process as on 31st August 2007: 6,000 [All materials used, 331/3% complete for labor and overheads]

Cost Records:

v Work in process as on 1st August 2007

v Materials: Rs.6,000

v Labor: Rs.1,000

v Overheads: Rs.1,000

Cost during the month:

v Materials: Rs. 25, 600

v Labor: Rs.15, 000

v Overheads: Rs.15, 000

Presuming that Average Method of inventory is used, prepare,

I] Statement of equivalent production

II] Statement showing cost for each element

III] Statement of apportionment of cost

IV] Process Account

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