Refer to the information in Exercise 4.16. Suppose Telemark-Kjemi determines standard costs of NKr 1050 per (equivalent) tone of transferred-in costs, NKr 390 per (equivalent) tone of direct materials and NKr 640 per (equivalent) tone of conversion costs for both opening work in progress and work done in the current period.
Information from Exercise 4.16

Required
Do Exercise 4.16 using the standard costing method.

Transcribed Image Text:

Transferred-in costs Direct materials Conversion costs 45000 Opening work in progress at cost Cost per equivalent unit of 690000 opening work in progress Costs added in current period Cost per equivalent unit of work 6 58 500 5 57 200 E57000 done in current period 6.50 E3 5.20