Reference no: EM132561018
Mansoor Industries Limited uses a process cost system of three processes, the following data relates to its process-01.
Beginning Inventory .................................... Rs. 1,60,000
Raw Material Uses ...................................... Rs. 2,50,000
Direct Labour Cost Used .............................. Rs. 3,68,000
Factory Overhead Cost Applied ..................... Rs. 2,76,000
The data extracted from a quantity schedule relating to the above processes are as follows:
Units in Process Beginning .................................... 1,30,000 (100% completed as to Material 70% as conversion cost).
Units placed in production ..................................... 4,75,000
Units Completed .................................................. 4,00,000
Units still in process at the end at the end 90% as to Material and 50% as to conversion cost.
Required:
Question 1: Compute the Equivalent Production units, the unit cost, the total cost of unit completed and the total cost of units in process at end.
NOTE: Only using simple weighted average method
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