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ICI Ltd produced soda ash. That product uses in differentindustries. The property of this product is highly inflammable. Theposition of university at the beginning of year 2007 is as follows.
Inventories at Jan 1, 2007 consisted of:
Particulars Rs
Rs.
Finished
8,000
Work-In-Process
6,000
Material
1,200
Total
15,200
A fire broke out in a factory at July 31, 2007 destroying allwork-in -process inventories.
After the fire, the inventories were valued as follows:
4,000
Finished Goods
7,000
In 2007 the amount of Gross profit is based on average GP tosale ratio of last 5 years 2002 to onward 2006. An analysis of past financial statements reflected as follows.
Year
Sale
Gross Profit
2002
40,000
11,555
2003
45,000
11,132
2004
50,000
13,452
2005
52,000
12,897
2006
60,000
17,654
Date for 7 months to 2007 is given as follows:
Particulars
Sales
20,000
Material Purchase
56,00
Direct labor
FOH
3,000
Required: Calculate the value of work-in-process destroyed by fire in2007. Calculate the value Gross profit in 2007.
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