The following data are available in respect of Process-I for June 2024: (1) Opening stock of work in process: 600 units at a total cost of 4,20,000.…

14. (i) Statement of Equivalent Production (FIFO Method) Input Output Equivalent Production Details Units Details Units Materials Labour Production Overhead Units % Units % Units % Opening Stock 600 From opening stock 600 - - 240 40 240 40 From fresh materials 8,300 8,300 100 8,300 100 8,300 100 Fresh inputs 9,200 Closing W-I-P 700 700 100 490 70 490 70 Normal loss 392 9,992 9,000 9,030 9,030 Less: Abnormal Gain (192) (192) 100 (192) 100 (192) 100 9,800 9,800 8,808 8,838 8,838 (ii) Statement of Cost per equivalent units Elements Cost (₹) Equivalent units (EU) Cost per EU (₹) Material Cost 55,20,000 Less: Scrap realisation (392 units @60/- p.u.) (23,520) 54,96,480 8,808 624.03 Labour cost 18,60,000 8,838 210.45 Production OH Cost 8,63,000 8,838 97.65 Total Cost 82,19,480 932.13 (iii) Cost of Abnormal Gain – 192 Units (₹) (₹) Material cost of 192 units @624.03 p.u. 1,19,813.76 Labour cost of 192 units @210.45 p.u. 40,406.40 Production OH cost of 192 units @97.65 p.u. 18,748.80 1,78,968.96 Cost of closing WIP – 700 Units Material cost of 700 equivalent units @624.03 p.u. 4,36,821.00 Labour cost of 490 equivalent units @210.45 p.u. 1,03,120.50 Production OH cost of 490 equivalent @97.65 p.u. 47,848.50 5,87,790.00 Cost of 8,900 units transferred to next process ₹ (i) Cost of opening W-I-P Stock b/f – 600 units 4,20,000.00 (ii) Cost incurred on opening W-I-P stock Material cost --- Labour cost 240 equivalent units @210.45 p.u. 50,508.00 Production OH cost 240 equivalent units @97.65 p.u. 23,436.00 4,93,944.00 (iii) Cost of 8,300 completed units 8,300 units @932.13 p.u. 77,36,679.00 Total cost [(i) + (ii) + (iii))] 82,30,623.00