Total Marks: 10 Date of Submission: 03.03.2021 1. A company produces a certain food item in a manufacturing process. On 1 November, there was no opening inventory of work in process. During November, 500 units of material were input to the process, with a cost of $9,000. Direct labour costs in November were $3,840. Production overhead is absorbed at the rate of 200% of direct labour costs. Closing inventory on 30 November consisted of 100 units which were 100% complete as to material and 80% complete as to labour and overhead. There was no loss in process. You are required to calculate the value of finished goods and closing work in process. (5 Marks) OMR 3000 2. The information given below has been taken from the records of an engineering works in respect of Job. No. 74 and Job. No. 77. Job. No. 74 Job. No. 77 Particulars OMR Materials Supplied 2500 Wages Paid 750 700 Direct Expenses 200 Materials transferred from Job 77 to Job 74 100 100 Materials returned to stores 50 You are required to find out the cost of each of Job and calculate profit or loss if any assuming that Job No. 77 is completed and invoiced to the customer at RO 4000. (5 Marks) 175