Question: QUESTION 2: A company operates a process in which no losses are incurred. The process account for last month, when there was no opening work-in-progress,

QUESTION 2:

A company operates a process in which no losses are incurred. The process account for last month, when there was no opening work-in-progress, was as follows:

Process account
	$		$
Cost arising	624,000	Finished output
		(10,000 units)	480,000
		Closing WIP (4,000 units)	144,000
	624,000		624,000

The closing work-in-progress was complete to the same degree for all elements of cost.

What was the percentage degree of completion of the closing work-in-progress? (Show your working)

QUESTION 3:

Data relating to one particular store's item are as follows:

Average daily issues: 70 units

Maximum daily issues: 90 units

Minimum daily issues: 50 units

Lead time for the replenishment of stock 11 to 17 days

Reorder quantity 2,000 units

Reorder level 1,800 units

What is the maximum stock level (in units) for this stores item? (show your working)

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