Prime cost 1,76,000 1,45,200 30,800 To factory overheads 24,000 24,000 Process cost 2,00,000 1.69,200 30,800 To profit and loss Alc (profit at 20% on transfer price or 25% on cost) 50.000 50,000 2,50,000 1,69,200 80.800 250,000 1,69,200 80.800 *Cost of closing stock is worked out proportionately: (21,48,500 x 34,000) + 1,80,000 - 33,300 Profit-4,000 - 3.300, cost-7700 Finished Stock Account Particulars Total Cost Profit Particulars Total Cost Profit To balance b/d 120.000 13,500 26.500 By closing stock 30,000 $20,300@ 19,700 To Process 1 (transferred from) 2,50.000 1,69,200 80.800 By sales 3,00.000 1,62,400 1,37,600 To profit and loss A/C (profit transferred) 60.000 60,000 3,30.000 1,82,700 1,47,300 3,30,000 1,82,700 1,47,300 "Cost of closing stock - 1,82,700 x 30,000) + 2,70,000 - 20,300 (b) and (c) Statement of profil Process 1 30.000 Process II 250.000 Adjustment of provision for unrealised profit Add on opening stock 1,500 Less on closing stock (700) 50.800 Finished stock account 60,000 Adjustment of provision for unrealised profit Add on opening stock 6.500 Less on closing stock (9.700) 56,800 1,37,600 P.14.7 The Food Specialists Ltd has two cost centres. (1) Cooking and (ii) Mix-pack. Material is added at the beginning of production in each cost centre, and labour is added equally during production in each cost centre. The FIFO method is used in the Cooking department and the weighted average method in the Mix-pack department. The following information is available for the month of January: Particulars Cooking Mix-Pack Work-in-process opening, January 1 Materials 34.980 3570 Labour 500 300 Overhead 400 240 Prior department cost 2.130 Current month's cost Materials 1,98,000 76,380 Labour 50.250 80,000 Overhead 40.200 64,000 130 Inventory and production records show that Cooking had 500 litres, 40 per cent processed in the beginning of the month and 400 litres, 50 per cent processed at the end of the month: Mix-pack had 300 litres, 50 per cent processed in the beginning of the month and 400 litres, 30 per cent processed at the end of the month Production reports for the month show that Cooking started 20,000 litres into production and com- pleted and transferred 20,100 litres to Mix-pack; Mix-pack completed and transferred 20,000 one-litre containers of the finished product to the warehouse. You are required to prepare a process cost report for the Cooking department as well as for Mix-pack department. Also prepare relevant process accounts