B) The following data is available from the records of ABC Company Ltd for a product relating to process z.
1. Opening WIP 4,000 units
Degree of completion:
Materials (100%)
Tshs 24,000,000
Labour (60%)
shs 14,400,000
Overheads (60%
Tshs 7,200,000
2. Received during the month of January 2015 from process 1-4,000 units of tshs
171,000,000.
3. Expenses incurred in process 2 during the month; materials tshs 79,000,000,
labour tshs 138,230,000, overheads tshs 69,120,000.
4. Closing WIP 3,000 units
Degree of completion: materials 100%, labour and overheads 50%
5. Units scrapped 4,000 units
Degree of completion: materials 100%, labour and overheads 80%
6. Normal loss: 5% of current input
7. Spoiled goods realized tshs 1,500 each on sale
8. Completed units are transferred to finished goods.
Required: Prepare
i) Equivalent units statement
volontinit and totalt