Following information is available regarding Process A for the month of August 2007
Production Record:
v Units in process as on 1st August: 4,000 [All materials used, 25% complete for labor and overheads]
v New units introduced: 16, 000
v Units completed: 14, 000
v Units in process as on 31st August 2007: 6,000 [All materials used, 331/3% complete for labor and overheads]
Cost Records:
v Work in process as on 1st August 2007
v Materials: Rs.6,000
v Labor: Rs.1,000
v Overheads: Rs.1,000
Cost during the month:
v Materials: Rs. 25, 600
v Labor: Rs.15, 000
v Overheads: Rs.15, 000
Presuming that Average Method of inventory is used, prepare,
I] Statement of equivalent production
II] Statement showing cost for each element
III] Statement of apportionment of cost
IV] Process Account