From the following details, prepare a statement of equivalent production, a statement of cost and fi nd the value of:

(i) Output transferred

(ii) Closing WIP by following average cost method:

Opening WIP - 2,000 units Materials 100% complete - Rs. 7,500 Labour 60% complete - Rs. 3,000 Overheads 60% complete - Rs. 1,500 Units introduced into the process - 8,000 There are 2,000 units in the process and the stage of completion is expected to be:

Materials – 100%; Labour – 50%; Overheads – 50% and 8,000 units are transferred to the next process. The process costs for the period are:

Materials – Rs. 1,00,000; Labour – Rs. 78,000; Overheads:

Rs. 39,000.