A company operates a process costing system using the first in first out (FIFO) system of valuation No losses occur in the process The following data relate to last month Last month the cost per equivalent unit of production was 20 and the degree of completion of the work in progress was 40 through...

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A company operates a process costing system using the first-in-first-out (FIFO) system of valuation. No losses occur

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A company operates a process costing system using the first-in-first-out (FIFO) system of valuation. No losses occur in the process. The following data relate to last month:

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Last month the cost per equivalent unit of production was £20 and the degree of completion of the work in progress was 40%
throughout the month.

(a) What was the value (at cost) of last month’s closing work in progress?
(A) £1224 (B) £1280 (C) £1836 (D) £1920

(b) What was the cost of the 1040 units completed last month?
(A) £19 200 (B) £19 930 (C) £20 730 (D) £20 800

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Management And Cost Accounting

ISBN: 9788131525470

8th Edition

Authors: Colin Drury

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Question Posted: Apr 29, 2024 04:00 AM

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A company operates a process costing system using the first-in-first-out (FIFO) system of valuation. No losses occur

Question:

Opening work in progress Input to the process Completed production Units 200 with a total value of 1530 1000 1040

Step by Step Answer:

Management And Cost Accounting

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