Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. The following details pertains to Process I for the month of July 2022 (i) Opening w-i-p 8,000 units Degree of completion Materials 100% Cost
1. The following details pertains to Process I for the month of July 2022 (i) Opening w-i-p 8,000 units Degree of completion Materials 100% Cost Rs. 36,000 Labour 50% Cost Rs. 28,800 Factory overhead 50% Rs. 21,600 (ii) Received during the month 80,000 units at a total cost of Rs. 400000 (iii) Expenses incurred during the month Additional materials Rs. 158,000 Labour Rs. 223700 Factory overheads Rs. 180400 (iv) Closing w-i-p 4000 units Degree of completion Materials 90% Labour and Overheads 30\% (v) Units scrapped 4000 units Degree of completion materials labour and overheads 100% Normal loss 5% of current input +opening w-i-p (vi) Scrap value per unit Rs. 5 1. The following details pertains to Process I for the month of July 2022 (i) Opening w-i-p 8,000 units Degree of completion Materials 100% Cost Rs. 36,000 Labour 50% Cost Rs. 28,800 Factory overhead 50% Rs. 21,600 (ii) Received during the month 80,000 units at a total cost of Rs. 400000 (iii) Expenses incurred during the month Additional materials Rs. 158,000 Labour Rs. 223700 Factory overheads Rs. 180400 (iv) Closing w-i-p 4000 units Degree of completion Materials 90% Labour and Overheads 30\% (v) Units scrapped 4000 units Degree of completion materials labour and overheads 100% Normal loss 5% of current input +opening w-i-p (vi) Scrap value per unit Rs. 5
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started