The following data are available in respect of Process-I for January 2024: (1) Opening stock of work in process: 600 units at a total cost of 4,200.…

(i) Statement of Equivalent Production (FIFO Method) Input Output Equivalent Production Details Units Details Units Materials Labour Overheads % Units % Units % Units Opening 600 Finished goods Stock transferred to next process: -From opening stock 600 - - 40 240 40 240 Fresh inputs 9,200 -From fresh materials 8,300 100 8,300 100 8,300 100 8,300 Closing W-I-P 700 100 700 70 490 70 490 Normal loss 392 - - - - - - 9,992 9,000 9,030 9,030 Less: Abnormal Gain (192) 100 (192) 100 (192) 100 (192) 9,800 9,800 8,808 8,838 8,838 (ii) Statement of Cost per equivalent units Elements Cost (₹) Equivalent units Cost per equivalent Unit (₹) Material Cost 55,200 Less: Scrap realisation 392 units @6/- p.u. 2,352 52,848 8,808 6.00 Labour cost 18,600 8,838 2.10 Overheads 8,630 8,838 0.98 Total Cost 80,078 9.08 Cost of Abnormal Gain – 192 Units (₹) Material cost of 192 units @6.00/- p.u. 1,152.00 Labour cost of 192 units @2.10/- p.u. 403.20 Overheads of 192 units @0.98/- p.u. 188.16 1,743.36 (iii) Cost of closing WIP – 700 Units Material cost of 700 equivalent units @6.00/- p.u. 4,200.00 Labour cost of 490 equivalent units @2.10/- p.u. 1,029.00 Overheads of 490 equivalent @0.98/- p.u. 480.20 5,709.20 (iv) Calculation of cost of 8,900 units transferred to next process (₹) (i) Cost of opening W-I-P Stock b/f – 600 units 4,200.00 (ii) Cost incurred on opening W-I-P stock Material cost - Labour cost 240 equivalent units @2.10 p.u. 504.00 Overheads 240 equivalent units @0.98/- p.u. 235.20 739.20 (iii) Cost of 8,300 completed units 8,300 units @9.08 p.u. 75,364.00 Total cost [(i) + (ii) + (iii)] 80,303.20