RST LLC 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 year 2020-21, prepare Process I and Process II and Finished Stock A/C. Process I 7,500 units OMR 60 Raw materials used Raw materials cost per unit Transfer to next process/finished stock 7,050 Normal loss (on Input) 5% Direct Wages Direct Expenses OMR 135750 60% of Direct Wages 20% of Direct Wages OMR 12.500 Process II 6,525 10% OMR 129250 65% of Direct Wages 15% of Direct Wages OMR 37.500 Manufacturing Overheads Realizable value of scrap per unit 6,000 units of finished goods were sold at a profit of 15% on cost. Assume that there was no opening c closing stock of work in progress.
RST LLC 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 year 2020-21, prepare Process I and Process II and Finished Stock A/C. Process I 7,500 units OMR 60 Raw materials used Raw materials cost per unit Transfer to next process/finished stock 7,050 Normal loss (on Input) 5% Direct Wages Direct Expenses OMR 135750 60% of Direct Wages 20% of Direct Wages OMR 12.500 Process II 6,525 10% OMR 129250 65% of Direct Wages 15% of Direct Wages OMR 37.500 Manufacturing Overheads Realizable value of scrap per unit 6,000 units of finished goods were sold at a profit of 15% on cost. Assume that there was no opening c closing stock of work in progress.
Chapter1: Financial Statements And Business Decisions
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RST LLC 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 year 2020-21, prepare Process I and
Process II and Finished Stock A/C.
Process I
7,500 units
Raw materials used
Raw materials cost per unit
OMR 60
Transfer to next process/finished stock 7,050
Normal loss (on Input)
5%
Direct Wages
Direct Expenses
OMR 135750
60% of Direct Wages
20% of Direct Wages
OMR 12.500
Process II
6,525
10%
OMR 129250
65% of Direct Wages
15% of Direct Wages
OMR 37.500
Manufacturing Overheads
Realizable value of scrap per unit
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 progress.
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