Booklet 4 Process Costing Solutions.xlsx - 2.78

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Debits Credits Balance
Process 1 Account Units CPU Value Units CPU Value Units CPU Value
Raw Material 10000 4 40000 10000 40000
Labour (5000 x £5) 25000 10000 65000
Variable Overheads (5000 x £0.90) 4500 10000 69500
Fixed Overheads 2500 10000 72000
Normal Spoilage 1000 5 5000 9000 67000
Closing Work in Progress 1000 3000 8000 8 64000
Good Output to Stores 7500 8 60000 500 4000
Abnormal Loss 500 8 4000 0 0
Debits Credits Balance
Abnormal Loss Account Units CPU Value Units CPU Value Units CPU Value
Abnormal Loss 500 8 4000 500 4000
Cash & Cash Equivalents 500 5 2500 0 1500
Income Statement (Exp.) 1500 0 0