Following data are available for a product for the month of July, 2024: Particulars Process- I (₹) Process- II (₹) Opening work-in- progress Nil Nil…

Statement of Equivalent Units (Process- I) Input (Units) Particulars Output (Units) Equivalent Production Materials Labour and Overheads Units (%) Units (%) 40,000 Introduced and completed 36,000 36,000 100 36,000 100 Normal loss 2,000 Closing stock 2,000 2,000 100 1,000 50 40,000 40,000 38,000 37,000 Computation of cost per Equivalent Unit for each element of cost (Process- I) Elements of Cost Total Cost (₹) Equivalent units Cost per Equivalent units (₹) Direct Materials 6,00,000 38,000 15.7895 Labour 1,20,000 37,000 3.2432 Factory Overheads 2,40,000 37,000 6.4865 Statement of Apportionment of Cost Items Elements Equivalent units Cost per unit (₹) Cost (₹) Total (₹) Units introduced and completed Materials 36,000 15.7895 5,68,422.00 Labour 36,000 3.2432 1,16,755.20 Overheads 36,000 6.4865 2,33,514.00 9,18,691.20 Closing stock Materials 2,000 15.7895 31,579.00 Labour 1,000 3.2432 3,243.20 Overheads 1,000 6.4865 6,486.50 41,308.70 Process- I Account Particulars Units Amount (₹) Particulars Units Amount (₹) To Materials 40,000 6,00,000 By Normal loss 2,000 -- To Labour 1,20,000 By Process II 36,000 9,18,691 To Overheads 2,40,000 By Closing stock 2,000 41,309 40,000 9,60,000 40,000 9,60,000 Statement of Equivalent Units (Process- II) Input (Units) Particulars Output (Units) Equivalent Production Materials Labour and Overheads Units (%) Units (%) 36,000 Units transferred from Process- I Normal loss 1,500 -- -- -- -- Completed 32,000 32,000 100 32,000 100 Closing stock (balancing figure) 2,500 2,500 100 1,250 50 36,000 36,000 34,500 33,250 Computation of cost per Equivalent Unit for each element of cost (Process- II) Elements of Cost Total Cost (₹) Equivalent units Cost per Equivalent units (₹) Cost of 36,000 units transferred from Process- I 9,18,691 34,500 26.6287 Labour 1,60,000 33,250 4.8120 Factory Overheads 2,00,000 33,250 6.0150 Statement of Apportionment of Cost Items Elements Equivalent units Cost per unit (₹) Cost (₹) Total (₹) Units introduced and completed Materials 32,000 26.6287 8,52,118.40 Labour 32,000 4.8120 1,53,984.00 Overheads 32,000 6.0150 1,92,480.00 11,98,582.40 Closing stock Materials 2,500 26.6287 66,571.75 Labour 1,250 4.8120 6,015.00 Overheads 1,250 6.0150 7,518.75 80,105.50 Process- II Account Particulars Units Amount (₹) Particulars Units Amount (₹) To Units introduced 36,000 9,18,691 By Normal loss 1,500 -- To Labour 1,60,000 By Finished stock 32,000 11,98,582 To Overheads 2,00,000 By Closing stock 2,500 80,109* 36,000 12,78,691 36,000 12,78,691 *Difference arose due to rounding-off has been adjusted.