Question

AATMA Ltd. manufactures a product ‘OM’ using a raw material M1.The company took Bank Overdraft at an interest rate of
15% p.a. specifically for the purpose of purchasing 10,000 kg. of material M1 at ₹ 200 per kg. The purchase price includes GST ₹
20 per kg., in respect of which full credit is admissible. Freight, loading and unloading charges incurred amounted to ₹ 81,600.
Interest on such Bank Overdraft amounted to ₹ 50,000. Normal Transit Loss is 2%. The company actually received 9,760 kg. and
consumed 9,500 kg. One unit of Finished product requires five units of Raw Material. Direct Labour Cost amounted to ₹
4,56,000,Direct Overheads Cost amounted to ₹ 1,14,000.Total Fixed Overheads for the year were ₹ 2,40,000 on normal capacity
of 20,000 units of Finished Goods.During the year Sales of product ‘OM’ were ₹ 15,00,000 @ ₹ 1,500.There were no opening
inventories.With reference to AS 2 “Valuation of Inventory”,Calculate the amount of Abnormal Loss (if any),Closing Inventory
of Finished Goods and Raw Material if
(i) Finished units can be sold @ ₹ 1,600 subject to payment of 10% brokerage on selling price., Replacement Cost of Raw
Material is ₹ 180 per kg.

Answer 1

Answer:

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Explanation:

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