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Particulars Raw materials used Process- I Process- II 7,500 units Raw materials cost per unit 760 Transfer to next process/finished 7,050 units 6,525 units stock Normal loss (on inputs) Direct wages 5% 1,35,750 10% 1,29,250 Direct Expenses 60% of Direct wages 65% of Direct wages Manufacturing overheads 20% of Direct wages 15% of Direct wages Realisable value of scrap per unit 12.50 37.50 6,000 units of finished goods were sold at a profit of 15% on cost. Assume that there was no opening or closing stock of work-in-process. RST Limited processes Product Z through two distinct processes - Process- I and Process- II. On completion, it is transferred to finished stock. From the following information for the current year, PREPARE Process- I, Process- II and Finished Stock A/c:

Particulars Raw materials used Process- I Process- II 7,500 units Raw materials cost per unit 760 Transfer to next process/finished 7,050 units 6,525 units stock Normal loss (on inputs) Direct wages 5% 1,35,750 10% 1,29,250 Direct Expenses 60% of Direct wages 65% of Direct wages Manufacturing overheads 20% of Direct wages 15% of Direct wages Realisable value of scrap per unit 12.50 37.50 6,000 units of finished goods were sold at a profit of 15% on cost. Assume that there was no opening or closing stock of work-in-process. RST Limited processes Product Z through two distinct processes - Process- I and Process- II. On completion, it is transferred to finished stock. From the following information for the current year, PREPARE Process- I, Process- II and Finished Stock A/c:

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 5PA: Materials are added at the beginning of a production process, and ending work in process inventory...
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Particulars Raw materials used Process- I Process- II 7,500 units Raw materials cost per unit 760 Transfer to next process/finished 7,050 units 6,525 units stock Normal loss (on inputs) Direct wages 5% 1,35,750 10% 1,29,250 Direct Expenses 60% of Direct wages 65% of Direct wages Manufacturing overheads 20% of Direct wages 15% of Direct wages Realisable value of scrap per unit 12.50 37.50 6,000 units of finished goods were sold at a profit of 15% on cost. Assume that there was no opening or closing stock of work-in-process.
Transcribed Image Text:Particulars Raw materials used Process- I Process- II 7,500 units Raw materials cost per unit 760 Transfer to next process/finished 7,050 units 6,525 units stock Normal loss (on inputs) Direct wages 5% 1,35,750 10% 1,29,250 Direct Expenses 60% of Direct wages 65% of Direct wages Manufacturing overheads 20% of Direct wages 15% of Direct wages Realisable value of scrap per unit 12.50 37.50 6,000 units of finished goods were sold at a profit of 15% on cost. Assume that there was no opening or closing stock of work-in-process.
RST Limited processes Product Z through two distinct processes - Process- I and Process- II. On completion, it is transferred to finished stock. From the following information for the current year, PREPARE Process- I, Process- II and Finished Stock A/c:
Transcribed Image Text:RST Limited processes Product Z through two distinct processes - Process- I and Process- II. On completion, it is transferred to finished stock. From the following information for the current year, PREPARE Process- I, Process- II and Finished Stock A/c:
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