a material used for building is produced in three grades the following information i 625817

A material used for building is produced in three grades. The following information is available.

Particulars

Process I – Rs.

Process II – Rs.

Process III – Rs.

Raw material used [1000 tons]

1, 00, 000

Wages

87, 500

39, 500

10, 710

Weight lost [% of input]

5%

10%

20%

Scrap [sales price of Rs.50 per ton]

50 tons

30 tons

51 tons

Sale price per ton of finished goods

Rs.350

Rs.500

Rs.800

Management expenses were Rs.17,500 and selling expenses Rs.10,000. 2/3rd of output of process and 50% of the output of process II is passed to the next process and remaining is sold. The entire output of process III is sold. Prepare Process Accounts and Statement of Profit.