(c) MNO Ltd has provided following details :
Opening work in progress is 10,000 units at * 50,000 (Material
100%, Labour and overheads 70% complete).
Input of materials is 55,000 units at * 2,20,000. Amount spent on
Labour and Overheads is 26,500 and 61,500 respectively.
9,500 units were scrapped; degree of completion for material
100% and for labour & overheads 60%.
.
Closing work in progress is 12,000 units; degree of completion
for material 100% and for labour & overheads 90%.
Finished units transferred to next process are 43,500 units.
Normal loss is 5% of total input including opening work in
progress. Scrapped units would fetch 8.50
per
unit.
You are required to prepare using FIFO method:-
(i) Statement of Equivalent production
(ii) Abnormal Loss Account
Answers
Answer:
98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me
= 62,500 units. Opening stock = ?
(a) 2,12,500 units
(b) 3,00,000 units
(c) 87.500 units
(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me
= 62,500 units. Opening stock = ?
(a) 2,12,500 units
(b) 3,00,000 units
(c) 87.500 units
(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me
= 62,500 units. Opening stock = ?
(a) 2,12,500 units
(b) 3,00,000 units
(c) 87.500 units
(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me
= 62,500 units. Opening stock = ?
(a) 2,12,500 units
(b) 3,00,000 units
(c) 87.500 units
(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me
= 62,500 units. Opening stock = ?
(a) 2,12,500 units
(b) 3,00,000 units
(c) 87.500 units
(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me
= 62,500 units. Opening stock = ?
(a) 2,12,500 units
(b) 3,00,000 units
(c) 87.500 units
(d) 1,62,500 units