The following details pertains to Process I for the month of July 2022 (i) Opening w-i-p...

  

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The following details pertains to Process I for the month of July 2022 (i) Opening w-i-p 8,000 units Degree of completion Materials 100 % Cost Rs. 36,000 Labour 50% Cost Rs.28, 800 (ii) (iii) (iv) (v) (vi) Factory overhead 50% Rs.21, 600 Received during the month 80,000 units at a total cost of Rs.400000 Expenses incurred during the month Additional materials Rs. 158,000 Labour Rs. 223700 Factory overheads Rs. 180400 Closing w-i-p 4000 units Degree of completion Materials 90 % Labour and Overheads 30% Units scrapped 4000 units Degree of completion materials labour and overheads 100% Normal loss 5% of current input +opening w-i-p Scrap value per unit Rs.5 Prepare Process I account using FIFO method (10 Marks) The following details pertains to Process I for the month of July 2022 (i) Opening w-i-p 8,000 units Degree of completion Materials 100 % Cost Rs. 36,000 Labour 50% Cost Rs.28, 800 (ii) (iii) (iv) (v) (vi) Factory overhead 50% Rs.21, 600 Received during the month 80,000 units at a total cost of Rs.400000 Expenses incurred during the month Additional materials Rs. 158,000 Labour Rs. 223700 Factory overheads Rs. 180400 Closing w-i-p 4000 units Degree of completion Materials 90 % Labour and Overheads 30% Units scrapped 4000 units Degree of completion materials labour and overheads 100% Normal loss 5% of current input +opening w-i-p Scrap value per unit Rs.5 Prepare Process I account using FIFO method (10 Marks)

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SOLUTION STEP 1 CONTINUATION CONTINUATION Production cost records FIFO Production Cost Records FIF... View the full answer