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ACCA F2 Revision part 5 Work-in-Progress

VIVA

F2 Revision Lectures


Revision notes page used in this lecture

f2r5

Reader Interactions

Comments

  1. locamilagra says

    February 17, 2016 at 9:10 am

    sorry forgot to mention another question quite similar. We did Weighted Average calculation and the same we used finished items and Closing WIP but we didn’t use Opening WIP. Again confused why. Thanks a lot for your help. Regards,

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  2. locamilagra says

    February 17, 2016 at 9:06 am

    Hi John,

    Thanks a lot for your study materials. They are absolutely excellent. Just quick question regarding this revision session. When we did valuation (FIFO) we used Opening and Finished ONLY we did not use WIP at month end (600) for our calculations. Can you please explain why? the reason i am asking is a bit confused why e used them for your monthly calculation of finished items but we didnt use for our valuation calculation and we still used Opening inventories anyway.
    Thanks in advance,

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  3. Wasay says

    March 2, 2015 at 7:29 pm

    WHICH PAGE?

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    • John Moffat says

      March 2, 2015 at 9:31 pm

      Your question makes no sense.

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  4. Erica says

    July 20, 2014 at 10:55 am

    Sir, the part where we were going to calculate the cost per EU.. why didn’t you add $1,600 of wip b/d with $30,000 of present expenditure for materials and then later divide it with 6,000 units? Please enlighten me. TQ

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    • John Moffat says

      July 20, 2014 at 11:09 am

      Because the question says to use FIFO.
      With FIFO we only take this periods costs to calculate the cost per equivalent unit.

      (If you are not clear about the difference between weighted average and FIFO approaches, then do watch the free main lectures on process costing)

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      • Erica says

        July 20, 2014 at 11:16 am

        So if the question requires us to do it with weighted everage method, we have the calculate the overall cost we have spent for the process correct?

      • John Moffat says

        July 20, 2014 at 12:11 pm

        That is correct 馃檪

  5. namonje twiza says

    April 30, 2013 at 12:43 pm

    thanks alot

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  6. qq419850428 says

    April 8, 2013 at 4:04 am

    Great appreciation

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    • John Moffat says

      April 8, 2013 at 6:24 am

      Thank you 馃檪

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  7. maxwellbenn says

    November 18, 2012 at 11:59 pm

    Thanks I think I got it now.

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  8. maxwellbenn says

    November 18, 2012 at 2:55 am

    hi can someone explain how comes when we calculated the equivalent units for opening WIP we did 400*70% = 280 but for closing WIP we did 600*60% = 360 as opposed to 600*40% the remaining equivalent units to be completed?

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    • John Moffat says

      November 18, 2012 at 9:05 am

      @maxwellbenn, Because we are accounting for the work done during this month.
      This month we finished the WIP brought forward, and we started the WIP carried forward.

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  9. kgyasi says

    June 10, 2012 at 5:59 pm

    Thanks a lot

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  10. simi82 says

    June 2, 2012 at 4:14 pm

    This example is the best description of FIFO and AVCO method.

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  11. ruthshanu says

    May 15, 2012 at 2:25 pm

    so much help ….thanks

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  12. amitacharya says

    April 18, 2012 at 7:12 pm

    gr8 work

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