AB Ltd. is engaged in the process engineering industry. During a particular month, 2,000 units were introduced in Process X. The normal loss is estimated at 5% of the input. At the end of the month, 1,400 units had been produced and transferred to Process Y: 460 were incomplete units and 140 units had to be scrapped at the end of the process. The incomplete units reached the following degree of completion:
|
Materials: |
75% |
|
Labour: |
50% |
|
Overheads: |
50% |
Following are the further details regarding Process X:
|
Cost of 2,000 units introduced: |
Rs. 58,000 |
|
Additional materials consumed: |
Rs. 14,400 |
|
Direct labour: |
Rs. 33,400 |
|
Allocated overheads: |
Rs. 16,700 |
Required:
- Statement of equivalent production
- Statement of cost
- Statement of evaluation
- Process X account