Q.4) Mandex Ltd. Process a patent material used in building. The material is produced in three consecutive grades namely soft, medium and hard. Figures relating to production of 6 months of 1987 are as follows:
Particulars
1 Raw Material Used
2 Cost per ton Rs.
3 Manufacturing wages & expenses
Process I(R_{5})
1000 tonnes
Process II(Rs)
200
Process III
(Rs)
Weight lost
87,500
34,500 10%
10,170 20%
Scrap sold at Rs 50 per ton
5%
51 tons
Selling price per ton of finished goods
50 tons Rs 350
30 tons
Rs 500
Rs 800
Management expenses were Rs 17,500, selling expenses Rs 10, 000 and interest on borrowed capital Rs 4,000.
Two third of process I and one half of Process Il are passed on the next process and the balance are sold. You are required to prepare process and account in a form suitable for presentation to the directors at their next board meeting when the production policy of the company will be discussed.
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Explanation:
Given, Cost Price of book = ₹ 600
Selling Price of book = ₹ 700
By using the gain formula,
Gain = Selling Price – Cost Price
= 700 – 600
= ₹ 100
By using the gain% formula,
Gain% = (gain/cost price) * 100
= (100/600) * 100
= 100/6
= 16.66%
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