For (Iron and Steal company ) I need to answer the following question. (Please I need different values not the same values with the previous answer because I post the same question for another company)

After the question I will paste a sample answer our Mr. want as to follow the same way. Please help me to answer it in the same way.

Question 2 (7 Marks)

At the end of the accounting period, there may be some work-in-progress, i.e. semi-finished goods may be there in a process The valuation of such work-in-progress is done in terms of equivalent or effective production.

There are different methods for calculating equivalents.

Required:

Using the same example illustrate how the value of equivalent units and closing work in progress varies depending on the method used for calculating equivalent units.

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Sample answer:

Solved Problem 2
Input	2000
Normal loss	100
Actual loss	140
Abnormal loss	40
Finished good	1400
Closing WIP	460
Step 1 Statement of Equivalent unit
Input Units	Output	Units	Equivalent Units
Materials	Labour	Overheads
Degree of Completion	Equivalent Units	Degree of Completion	Equivalent Units	Degree of Completion	Equivalent Units
2000	Normal loss	100
	Abnormal loss	40	100%	40	100%	40	100%	40
	Finished good	1400	100%	1400	100%	1400	100%	1400
	Closing WIP	460	75%	345	50%	230	50%	230
2000	Total	2000
	Equivalent units			1785		1670		1670
Step 2 Statement of cost per equivalent unit
Element of cost	Cost	Equivalent unit	Cost per equivalen unit
Materials:
Units introduced	5800
Direct material	1440
	7240
Less: Scrap value of normal loss (1x 100)	-100
Material cost	7140	1785	4
Direct labour	3340	1670	2
Overhead	1670	1670	1
	OR
	Material	Labour	overhead
Cost incurred	7140	3340	1670
Equivalent unit	1785	1670	1670
Cost per equivalent units	4	2	1
Step 3 Statement of Evaluation
Particulars	Element of Cost	Equivalent Units	Cost per unit	Cost	Total Cost
Abnormal Loss:	Materials	40	4	160	280
	Labour	40	2	80
	Overheads	40	1	40
Finished goods:	Materials	1400	4	5600	9,800
	Labour	1400	2	2800
	Overheads	1400	1	1400
W-I-P	Materials	345	4	1380	2,070
	Labour	230	2	460
	Overheads	230	1	230
	12,150
Process 1Account
Particulars	Units	OMR	Particulars	Units	OMR
Units introduced	2000	5800	Normal loss	100	100
Direct material		1440	Abnormal loss	40	280
Direct labour		3340	Finished goods	1400	9800
Production Overhead		1670	Balance (WIP)	460	2070
	2000	12250		2000	12250