Question 2 (a)

The following is the data of consumables (Stores) of M/s JS Engineering:

Find out value of Inventory on 31 December if the company uses Weighted Average Basis.

Round off per unit cost upto 2 decimal places if required.

Question 2(b)

An oil company gives the following data. You are required to prepare various process accounts.

The company purchased 1000 quintals of coconuts @ Rs. 500 per quintal

Other information :

1 Other factory overheads are charged @ 75% of Direct Labour in all the processes

2 Normal Coconut Residue in Crushing Process was 30% of the input and output of Crude Oil was 690 quintals. The realisation value of scrap was Rs. 20 per quintal. Any difference in quantities was considered to be abnormal

3 In the refining process, there was a normal weight loss of 90 quintals which was sold for Rs. 12,400. There were no abnormal gains or losses in the process

4 The actual output of the Finishing Process was estimated at 95% after normal loss. The actual output obtained was 580 quintals. No scrap value can be recovered from any. losses in this process

5 The Finished oil was sold at a profit of 20% on cost and the full amount was realised.

Prepare all the process accounts and show the Cost per quintal in each process.