Question: Basic. A company operates a process costing system using the first in, first out (FIFO) method of valuation. No losses occur in the process. All

Basic. A company operates a process costing system using the first in, first out (FIFO) method of valuation. No losses occur in the process. All materials are input at the commencement of the process. Conversion costs are incurred evenly throughout the process.

The following data relate to last period:

Degree of Units completion Opening work in progress 2000 60% Total number

of units completed 14000 Closing work in progress 3000 30%

(a) What was the total number of units input during last period?
(A) 12000 (B) 13000 (Cc) 15000 (D) 17000

(b) What was the value of the closing work in progress for last period?
(A) £21330 (B) £21690 (C) £22530 (D) £22890 ACCA Financial Information for Management

Degree of Units completion Opening work in progress 2000 60% Total number of units completed 14000 Closing work in progress 3000 30%

Step by Step Solution

★★★★★

3.48 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Management And Cost Accounting Questions!

A company operates a process costing system using the first in, first out (FIFO) method of valuation. No losses occur in the process. All materials are input at the commencement of the process....

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:...

Basic. 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...

The answer is B, but could you explain how to get this answer? A company operates a process costing system using the first in, first out (FIFO) system of valuation. No losses occur in the process....

A company operates a process costing system using the first in, first out (FIFO) method of valuation. No losses occur in the process. All materials are input at the commencement of the process....

The answer is B, but could you explain how to get this answer?. A company operates a process costing system using the first in, first out (FIFO) system of valuation. No losses occur in the process....

Acompany 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...

The answer is C, but could you explain how to get to this answer? A company doorates a process costing system using the first In, first out (FIFO] system of valuation. No losses occur in the process....

The following information relates to questions 20 and 21: A company operates a process costing system using the first-in-first-out (FIFO) method of valuation. No losses occur in the process. All...

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...

Do you have 10 or 15 minutes that you can spare? YOU: Sure, I've got a meeting in an hour, but I don't want to start something new and then be interrupted by the meeting, so how can I help? LANDON:...

An inventor claims to have developed a heat engine that, each cycle, takes in 5.0 x 105J of heat from a high-temperature reservoir at 400 oC and exhausts 2.0 x 105J to the surroundings at 125 oC....

17.84 Recalculating the x and s charts. Interviews with the operators reveal that in samples 1 and 10 mistakes in operating the interferometer resulted in one high-outlier thickness reading that was...

Job costs and bids; comparing actual and estimated costs Brumelle Electronic Company manufactures a variety of electronic components. In April 2000, the company received an invitation from Takayama,...

Solo Limited makes and sells a single product. The following data relate to periods 1 to 4 Normal activity is 500 units and production and sales for the four periods are as follows: There were no...

A manufacturer of glass bottles has been affected by competition from plastic bottles and is currently operating at between 65 and 70 per cent of maximum capacity. The company at present reports...

22. Which type of hedge would a wheat farmer select? A. A long hedge-buy wheat futures contracts as a hedge against a decline in the price of wheat B. A short hedge-sell wheat futures contracts as a...

Assets Liabilities Equity a. - NE - b. + + NE c. +,- NE NE d. NE + - e. No transaction Use the following chart to answer how each transaction affects the accounting equation for the transactions...

current assets = $ 3 0 0 0 0 . Cureent Liabilities = $ 1 5 0 0 0 0 . What is the current ratio??