Step by step

1. A firm operates a process, the details of which for the period were as follows: i. There was no opening work in progress. ii. During the period, 8,250 units were received from the previous process at a value of 453,750, labour and overheads were 350,060 and material introduced was 24,750. iii. At the end of the period, the closing work in progress was 1,600 units, which were 100 per cent complete in respect of materials, and 60 per cent complete in respect of labour and overheads. iv. The balance of units was transferred to finished goods. Required: Determine:

a) the number of equivalent units of labour and overheads produced during the period.

b) value of finished goods

c) value of closing work in progress