1). In a manufacturing process of Mars Itd, one by-product BP emerges besides two main products MP1 and MP2 apart from scrap. Details of cost of production process are here under: Item Unit Amount Output Closing Stock31-3-20X1 Raw material 14,500 1,50,000 MP 1-5,000 units 250 Wages 90,000 MP II - 4,000 units 100 Fixed overhead 65,000 BP-2,000 units Variable overhead 50,000 Average market price of MP1 and MP2 is 60 per unit and 50 per unit respectively, by-product is sold @ 20 per unit. There is a profit of 5,000 on sale of by-product after incurring separate processing charges of 8,000 and packing charges of 2,000, 35,000 was realised from sale of scrap. Required: Calculate the value of closing stock of MP1 and MP2 as on 31-03-20X1