8.19 The followimg details are given in respect of a manufacturing unit for the month of April 2012: (1) Opening work-in-progress 5,000 units: (a) Materials (100% complete) 18,750 (b) Labour (60% complete) 7,500 (c) Overheads (60% complete) 3,750 Oil) Units introduced into the process 17,500 units. (iil) 17,500 units are transferred to the next process. Process cost for the period are: Material $2,50,000, Labour $1,95,000, Overheads 07,500. The stage of completion of units in closing WIP: Material 100%, Labour 50% and Overheads 50%. You are required to prepare a statement of equivalent production and statement of cost. Also find the value of: (A) Output transferred and (ii) Closing work-in-progress, using average cost method