Inventory valuation

A company produced the main products X and Y and  one  by product  Z emerges from the production process apart from waste. cost descriptttttion of the production process is as follows. particulars                                            

Raw Material           10000 units    rs100000  

Wages                                                  50000

Fixed Overhead                                  50000

variable Overhead                             30000

output                   X = 4000 units             Y=3000 units               Z=1000 units  

closing stock as on 31-12-2002     x 500     Y  100         

---- Scrap Realization is 2000.By product Z is sold @ 20 per unit. There is separate processing charge of 2000, packing on by product cost. 3000 reasonable profit on by product after separate processing is 2000.

Average market price of X and Y is 60 per unit and 40 per unit respectively.  CALCULATE THE CLOSING STOCK OF  PRODUCT X AND Y . (ANSWER ACCORDING TO ACCOUNTING STANDARDS 2 VALUATION OF INVENTORIES)

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