AATMA Ltd. manufactures a product OM using a raw material M1.The company took Bank Overdraft at an interest rate of 15% p.a. specifically for the purpose of purchasing 10,000 kg. of material M1 at 200 per kg. The purchase price includes GST 20 per kg., in respect of which full credit is admissible. Freight, loading and unloading charges incurred amounted to 81,600. Interest on such Bank Overdraft amounted to 50,000. Normal Transit Loss is 2%. The company actually received 9,760 kg. and consumed 9,500 kg. One unit of Finished product requires five units of Raw Material. Direct Labour Cost amounted to 4,56,000,Direct Overheads Cost amounted to 1,14,000.Total Fixed Overheads for the year were 2,40,000 on normal capacity of 20,000 units of Finished Goods.During the year Sales of product OM were 15,00,000 @ 1,500.There were no opening inventories.With reference to AS 2 Valuation of Inventory,Calculate the amount of Abnormal Loss (if any),Closing Inventory of Finished Goods and Raw Material if (i) Finished units can be sold @ 1,600 subject to payment of 10% brokerage on selling price., Replacement Cost of Raw Material is 180 per kg.

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(ii) Finished units can be sold @ 1,400 subject to payment of 10% brokerage on selling price, Replacement Cost of Raw Material is 180 per kg.