Question: Question No. 2 M/s. ABC and Co. received 10,000 units from department 1 @ 80 Rs. per unit. From these units 80% were completed and

Question No. 2 M/s. ABC and Co. received 10,000 units from department 1 @ 80 Rs. per unit. From these units 80% were completed and transferred out, 15% were present in the work in process and from the remaining units 60% were considered as normal loss. Abnormal loss was identified when the units were 80% complete with all other cost elements perspective. Material is added in the start. Work in process is 70% complete. Following cost details have been extracted from the books. Material (Beg inventory: 5000 units @ 5 Rs. Per unit), purchases: 15000 units @ 6 Rs. Per unit, ending inventory 4000 units. Direct labor: 150000 hours @ 2 Rs. per hour. FOH is applied @ 120% of direct labor cost. Required: - Cost of production report for Department 2

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