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A Co. operates a process costing system. It has work-in-progress at the start of the month of 500 units (valued at $ 4,000) which were 30% complete in respect of all costs. A total of 2,000 units were completed and transferred to the finished goods warehouse. The cost per equivalent unit for output produced during the month was $ 30. The co. uses FIFO method for valuing units.
What is the total cost of the 2,000 units transferred to the finished goods warehouse?
Can anyone please help me solve this?
Hi
I am also facing problem to solve this.
Can any one help how to solve this?
Thanks!
Opening WIP $4000
Completion of Opening WIP (500 x 0.7 x $30) $10500
Units started and completed in the month
(2000-500) x $30 $45000
Total value (2000 units) [4000+10500+45000] $59500
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