Question: Opening inventory 4,000 units % of completion Value Materials 100% P 1,992 Labor 50% 1,074 Overhead 50% 846 Put in process 20,000 units Materials value

Opening inventory 4,000 units

% of completion Value

Materials 100% P 1,992

Labor 50% 1,074

Overhead 50% 846

Put in process 20,000 units

Materials value P 12,000

Labor 9,984

Overhead is 100% of labor cost

Units completed and transferred, 21,000 units

Units in process end

Materials 100%

Labor and overhead 60%

The total cost of the work in process at the end under average method and FIFO method respectively is

  • 3,500; 3577
  • 3,477; 3,528
  • 3,577; 3,500
  • 3,528; 3477

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