Accounting and Valuation of Work-In-Progress
Added on 2019-10-18
4 Pages607 Words330 Views
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Q1.Perpetual Inventory SystemUnder FIFO systemDateReciept (units)Issues (units)Unit costValue of transactionUnits of Balance stockValue of balance stock01-Apr2900216090029006090003-Apr24002048000530010890004-Apr3200669002100Under LIFOsystem06-Apr2600184680047008880012-Apr27005280020003600014-Apr30002472000500010800018-Apr28002261600780016960020-Apr220040800560012880022-Apr26002154600820018340025-Apr38008920044009420026-Apr31002371300750016550027-Apr250024600001000022550028-Apr320027864001320031190029-Apr69001517006300160200Under LIFO systemDateReciept (units)Issues (units)Unit costValue of transactionUnits of Balance stockValue of balance stock01-Apr2900216090029006090003-Apr24002048000530010890004-Apr32006480021004410006-Apr2600184680047009090012-Apr27004890020004200014-Apr30002472000500011400018-Apr28002261600780017560020-Apr220048400560012720022-Apr26002154600820018180025-Apr38008220044009960026-Apr31002371300750017090027-Apr250024600001000023090028-Apr320027864001320031730029-Apr69001740006300143300
Q2.Overhead analysis sheetOverheadBasis ofapportionmentRatio fordistributionTotalProductiondepartmentsService departmentsABStoresGeneralMaintenencefloor area30:16:7:71005026.6666666711.6666666711.66667Depreciationof plantPlant book value20:10:5:45025.6410312.820512826.410256415.128205plantinsurancePlant book value20:10:5:46030.7692315.384615387.6923076926.153846heat & lightfloor area30:16:7:77537.5208.758.75Canteen CostNo of employees10:5:3:230157.54.53Rentfloor area30:16:7:7502513.333333335.8333333335.833333SupervisionNo of employees10:5:3:212060301812TOTAL485243.9103125.705128262.852564152.53205Overhead absorption rateDepartment ADepartment B0.0030488780.002095085Q3.Refining Process accountParticularsunitsUnit CostValueParticularsunitsUnit CostValueBalance b/f5000185000finishedgoods2100019.633412293units added20000balance c/f400012.7767551107cost added:Raw material45300labour125000overheads108100
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