555 S To Units introduced To Materials To Labour To Overhead Process I A/C Units Rs. 2000 5800 By Normal loss 1440 By abnormal loss 3340 By Finished production 1670 By Balance c/d (Work-in-progress) Units Rs. 100 100 280 40 9800 1400 2070 460 2000 12250 2000 12250 Finished Production Ale Units Rs. Units Rs. To Process I A/C 1400 9800 Abnormal Loss A/C Units Rs. 40 280 By Cash (sale @ Re.I p.u) By Costing P&L A/c (loss) Units Rs. 40 40 To Process I A/C 240 40 280 40 280 III. When there is opening as well as closing work in progress but with no process loss. Sometimes in a continuous process there will be opening as well as closing work in progress which are to be converted into equivalent of completed units for apportionment of process costs. The procedure of conversion of opening work in progress will vary depending upon whether average cost or FIFO or LIFO method of apportionment of costs is followed. Illustration 9: From the following details, prepare statement of equivalent production statement of cost, statement of evaluation and process A/c by following FIFO method. Opening work-in-progress (2000 units): Materials (100% complete) Rs. 5000 Labour (60% complete) Rs. 3000 Overheads (60% complete) Rs. 1500 Units introdu4ed into the process Rs. 8000 There are 2000 units in progress and the stage of completion is estimated to be: Materials 100% Labour 50% Overheads 50% 8000 units are transferred to the next process: The process costs for the period are: Materials Rs.96000 Labour Rs. 54600 Overheads Rs. 31200