A company produced the main products X and Y and one by product Z emerges from the production process apart from waste. cost descripttttion of the production process is as follows.
particulars Rs
Raw Material 10000 units 100000
Wages 50000
Fixed Overhead 50000
variable Overhead 30000
output closing stock as on 31-12-2002
X = 4000 units 500
Y=3000 units 100
Z=1000 units ----
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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