Question
Upsilon Enterprises has the following cost information for its two production processes for December: Particulars Stage 1 () Stage 2 () Materials 150,000 -- Labour
Upsilon Enterprises has the following cost information for its two production processes for December:
Particulars | Stage 1 (₹) | Stage 2 (₹) |
Materials | 150,000 | -- |
Labour | 155,000 | 220,000 |
Overheads | 160,000 | 205,000 |
The transfer from Stage 1 to Stage 2 includes a 20% profit. The output of Stage 2 is transferred to finished goods with a 25% profit. The finished goods are sold for ₹24,00,000.
Requirements:
- Prepare accounts for Stage 1 and Stage 2.
- Determine the total profit for Upsilon Enterprises.
- Assume no opening or closing stock.
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Introduction to Management Accounting
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
16th edition
978-0133058819, 9780133059748, 133058816, 133058786, 013305974X , 978-0133058789
