Following information is available regarding Process A for the month of August 2007
Production Record:
- Units in process as on 1st August: 4,000 [All materials used, 25% complete for labor and overheads]
- New units introduced: 16, 000
- Units completed: 14, 000
- Units in process as on 31st August 2007: 6,000 [All materials used, 331/3% complete for labor and overheads]
Cost Records:
- Work in process as on 1st August 2007
- Materials: Rs.6,000
- Labor: Rs.1,000
- Overheads: Rs.1,000
Cost during the month:
- Materials: Rs. 25, 600
- Labor: Rs.15, 000
- 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