Data for Meds Ltd$,$ a pharmaceutical manufacturing company, for one of

its medicines for the month of October is as follows:

Opening work in process inventory:

Units $($litres$)240$

Material costs $-480$

Conversion costs $-550$

All materials are added at the beginning of the process, but labour and overheads are spread evenly over the period. The opening work in progress inventory is $40\%$ complete.

Operations for the month of October:

Litres of production started $5,200$

Conversion costs $-31,010$

Material costs $-12,576$

The work in progress inventory at the end of the month was $600$ litres and this was all $70\%$ complete.

Meds Ltd uses the weighted average cost to value its inventory. There are no losses in the process of production.

$($a$)$ Prepare schedule of equivalent production.

$($b$)$ Prepare a statement calculating the equivalent unit cost of each element.

$($c$)$ Prepare a statement in which all output is evaluated.

$($d$)$ Prepare the process cost ledger account for the process for the month of October

$($e$)$ Describe how normal and abnormal losses are treated differently in process accounts.

Answer rating: 100% (QA)

Answer a Schedule of Equivalent Production Units Started Units Completed Ending Work in Process Tota... View the full answer