(c) MNO Ltd has provided following details : Opening work in progress is 10,000 units at * 50,000 (Material 100%, Labour and overheads 70% complete). Input of materials is 55,000 units at * 2,20,000. Amount spent on Labour and Overheads is 26,500 and 61,500 respectively. 9,500 units were scrapped; degree of completion for material 100% and for labour & overheads 60%. . Closing work in progress is 12,000 units; degree of completion for material 100% and for labour & overheads 90%. Finished units transferred to next process are 43,500 units. Normal loss is 5% of total input including opening work in progress. Scrapped units would fetch 8.50 per unit. You are required to prepare using FIFO method:- (i) Statement of Equivalent production (ii) Abnormal Loss Account

(c) MNO Ltd has provided following details : Opening work in progres

1.	(c) MNO Ltd has provided following details : Opening work in progress is 10,000 units at * 50,000 (Material 100%, Labour and overheads 70% complete). Input of materials is 55,000 units at * 2,20,000. Amount spent on Labour and Overheads is 26,500 and 61,500 respectively. 9,500 units were scrapped; degree of completion for material 100% and for labour & overheads 60%. . Closing work in progress is 12,000 units; degree of completion for material 100% and for labour & overheads 90%. Finished units transferred to next process are 43,500 units. Normal loss is 5% of total input including opening work in progress. Scrapped units would fetch 8.50 per unit. You are required to prepare using FIFO method:- (i) Statement of Equivalent production (ii) Abnormal Loss Account
Answer» 98. Stock VELOCITY = 180 days, Material CONSUMED = 1,50,000, Closing me= 62,500 UNITS. Opening stock = ?(a) 2,12,500 units(B) 3,00,000 units(c) 87.500 units(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me= 62,500 units. Opening stock = ?(a) 2,12,500 units(b) 3,00,000 units(c) 87.500 units(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me= 62,500 units. Opening stock = ?(a) 2,12,500 units(b) 3,00,000 units(c) 87.500 units(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me= 62,500 units. Opening stock = ?(a) 2,12,500 units(b) 3,00,000 units(c) 87.500 units(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me= 62,500 units. Opening stock = ?(a) 2,12,500 units(b) 3,00,000 units(c) 87.500 units(d) 1,62,500 units98. Stock velocity = 180 days, Material consumed = 1,50,000, Closing me= 62,500 units. Opening stock = ?(a) 2,12,500 units(b) 3,00,000 units(c) 87.500 units(d) 1,62,500 units

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