Costing

16. A process costing system for J Co used an input of 3,500Kg of materials at Rs20 per Kg and labour hours of 2,750 at Rs 25 per hour. Normal loss is 20% and losses can be sold at a scrap value of Rs5 per Kg. Output was 2,950 Kg. What is the value of the output?

Rs 142,485
Rs 146,183
Rs 149,746
Rs 152,986

Detailed SolutionA process costing system for J Co used an input of 3,500Kg of materials at Rs20 per Kg and labour hours of 2,750 at Rs 25 per hour. Normal loss is 20% and losses can be sold at a scrap value of Rs5 per Kg. Output was 2,950 Kg. What is the value of the output?

17. In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as

partial inventory costing method
current period inventory method
Last-in, first-out method
First-in, first-out method

Detailed SolutionIn process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as

19. “Calculate the value of closing stock from the following according to Weighted Average method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 450 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units”

Rs. 765
Rs. 805
Rs. 786
Rs. 700

Detailed Solution“Calculate the value of closing stock from the following according to Weighted Average method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 450 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units”

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