850 j28 80 648 5 (b) Statement of Production-Standard and Actual Standard Actual Particulars Percentage Quantity (tonnes) Percentage Quantity (tonnes) Process Input in process 100 1.000 100 1.000 Output of process 80 800 85 Less scrap 10 8 68 Finished output of process transferred to process II 720 782 (n) Process 11 Inputs to process 11 100 720 100 782 Output of process 1 90 80 625.60 Less scrap 32.40 10 62.56 Finished output (yield) of process 11 615.60 563.04 ) Cost of Finished Product per Tonne Standard Actual Value of materials used 314,00,000 314.00,000 Less scrap sale value Standard: (102.4 tonnes @ 21,000) Less closing stock of 10 tonnes @ 21,000 10,000 102.4 tonnes sold @ 1,000 per tonne 1,02.400* Actual: (120.56 tonnes @ 21.000) Less closing stock of 10 tonnes @ 21,000 10,000 120.56 tonnes sold @ 1,000 per tonne 1.20,560*** Net cost 12.87.600 12.69.440 Finished output in tonnes 615.60 Cost of finished output per tonne 2,092 2.255 * (Process I 80 tonnes + Process II 32.4 tonnes-closing stock 10 tonnes) - 1,02,400 *** (Process 1 68 tonnes + Process II 62.56 tonnes-dosing stock 10 tonnes) - 1,20,560 P.14.3 A product passes through two processes. The output of Process 1 becomes the input of Process II and the output of Process II is transferred to warehouse. The quantity of raw materials introduced into Process I is 20,000 kgs at 10 per kg. The cost and output data for the month under review are as under: Particulars Process Process 11 Direct materials 160,000 340,000 Direct labour 40,000 30,000 Production overheads 39,000 40.250 Normal loss 8% 5% Output 18,000 17.400 Loss realisation of /Units 2.00 3.00 The company's policy is to fix the selling price of the end product in such a way as to yield a profit of 20 per cent on selling price. REQUIRED: (1) Prepare the process accounts (1) Determine the selling price per unit of the end product 563.04