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-- Q.No 1. Weighted Average Method.
Model Manufacturing Company
Cost of Production Report
Quantity Schedule.
Unit Received 1500
Unit put in process 7000
Unit complet and transfer 8500
Unit of closeing Work in process 2500
Unit complete and transfer 5000
Unit loss abnormal 600
Unit loss normal 400
Cost Aculamlated Deptt
Direct Material 8000+22000 = 30000
Direct Labor 5450+9000 = 14450
FOH 2790+4000 = 6790
Cost Equivalent production
Material Labor FOH
Completed Units 5000 5000/45% 5000/45%
Cloesing WIP 2500 1125 1125
Losses 1000
Total 8500 6125 6125
Cost per Unit.
Direct Material 8000 +22000 = 30000
Direct Labor 5450 +9000 = 14450
FOH 2790 +4000 = 6790
40%remaining = 3200
45% remaing 6452
25% 4697
16240 35000 65975
(2) FIFO Cost Method
Unit Received 1500
Unit put in process 7000
Unit complet and transfer 8500
Cost Incurred During Deptt.
Direct Material 8000
Labor 5450
FoH 2790
16240
Cost Incurred Work in process
Direct Material 22000
Labor 9000
FoH 4000
35000
Cost Incurred During Deptt 16240
Cost Incurred Work in process 35000
51240
Cost Equivalent Production
Material 300 1500 1500
Labor 825 825
Accounting Treatment 20600
Opening WIP 16240
Material 1500 x4.4 = 6600
Labor 1500x 3.6 = 5400
FOH 1500 x 1.6 = 2400 30640
51240
Q. No 2.Joint Product & By Product.
Hypothetical Company manufactures
Month of November 2011
(i) Physical Quantity ratio method.
Company manufactures Rs.16300 units
Cost Incurred Rs. 16790
19790/16300 x 5542 5708.59
16790/16300 x 4564 4701.19
16790/16300 x 3097 3190.09
16790/16300 x 1956 2014.78
16790/16300 x 1141 1175.28 16790
(ii) Selling Price method.
Unit Price x Unit Sold=
4 x 5542 = 22168
3 x 4564 = 13692
2 x 3097 = 6194
6 x 1956 = 11736
5 x 1141 = 5705
59495
(16790/59495) x 22168 =6256
(16790/59495) x 13692 =3864
(16790/59495) x 6194 =1748
(16790/59495) x 11736 =3312
(16790/59495) x 5705 =1610
16790
(iii) Hypothetical market value method.
Prod Unit sold Further Cost P/U sale price Market Value Hypothetical
A 5542 1.1 4 2.9 42
B 4564 0.9 3 2.1 31
C 3097 0.6 2 1.4 16.91
D 1956 1.5 6 4.5 66.63
E 1141 1.3 5 3.7 54.78
14.6
Dived to all on 16300 and multiply with total market value and market value
Calculations.
16300/16071.8x14.6x2.9= 42
16300/16071.8x14.6x2.1= 31
16300/16071.8x14.6x1.4= 16.91
16300/16071.8x14.6x4.5= 66.63
16300/16071.8x14.6x3.7= 54.78
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