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October 30, 2014 at 3:53 pm
At the beginning of July – Materials(100%)- 9000 Labour & O/H(40%)- 1250
Why can’t I work out 100% value , then 60% and use that? Instead of 15000 x 60% x 0.55 ?
John Moffat says
October 30, 2014 at 4:12 pm
Of course you can! 60% x (15,000 x 0.55) is exactly the same as 15,000 x 60% x 0.55.
(But, of course, it is only the labour and overheads because the materials are already 100% finished and so do not need any extra work)
November 3, 2014 at 2:37 pm
Thank You Sir 🙂
October 1, 2014 at 3:10 am
Can you tell me why the finished WIP bf for the 15,000 units is not $ 9,000? I am lost at that part
October 1, 2014 at 6:40 am
I assume that you have downloaded the free Course Notes that are used in the lectures?
According to the question, the WIP brought forward is valued at $9,000 for materials plus $1,250 for the labour and overhead work that had been done.
August 20, 2014 at 9:28 pm
How many marks would this question carries? 2 marks?
August 17, 2014 at 10:08 am
Hi, can anyone pls help me with this problem?
A company operates a process costing system using the FIFO system of valuation. No losses occur in the process. The following data relates to last month:
Opening work-in-progress: 200 units with a total value of $1530 Input to the process: 1000 Completed production: 1040
Last month the cost per equivalent unit of production was $20 and te degree of completion of work-in-progress was 40% thoughout the month.
What was the value(at cost) of last month’s closing work-in-progress?
a) $1224 b) $1280 c) $1836 d) $1920
My ans was D and my workings as follows:
WIP (c/f): (1000+200)-1040 = 160units Value: 160×0.6x$20 = $1920
However, the actual ans was B because they used 0.4 instead of 0.6. As such, I would like to know why is it that they used 0.4 for the valuation instead?
August 17, 2014 at 10:13 am
It is because the closing work-in-progress is 40% complete. If it is 40% complete then we need to value at 40% of the cost.
(The remaining 60% of the work will be done next month).
(Please ask this sort of question in the Ask the ACCA Tutor Forum, rather than as a comment on the lecture.)
August 17, 2014 at 10:46 am
Thx sir, sorry for posting here.
August 17, 2014 at 10:48 am
No problem 🙂
April 9, 2014 at 2:34 pm
Just made my work easier.Its simplified and easy to understand:)
March 9, 2014 at 11:32 am
Could this type of topic qualify for one of the new 10 mark questions?
March 9, 2014 at 12:42 pm
No, but that does not make it any less important, because there may be several 2 mark questions.
March 9, 2014 at 9:20 pm
March 10, 2014 at 1:27 pm
You’re welcome 🙂
March 6, 2014 at 6:43 pm
I wish I watched these lectures with the notes first – I’ve spent the last couple of months working through the notes alone! Nevermind though, it all seems so much easier now. Thank you.
March 6, 2014 at 6:51 pm
You are welcome – I am pleased that they are useful 🙂
December 31, 2013 at 3:15 am
December 31, 2013 at 3:14 am
Thank you very much. Good teaching.
November 18, 2013 at 1:00 pm
wow……………….. now i understand it tanks
February 25, 2013 at 8:17 pm
Thanks so much!! I got stuck yesterday with that chapter as in my book is not explained at all .. one more time: THANKS!!
February 19, 2013 at 7:46 am
WELL UNDERSTOOD, THUMBS UP
December 31, 2012 at 9:11 pm
wish my institute could hire this guy!
October 23, 2012 at 8:10 pm
October 4, 2012 at 4:26 pm
i took too long to discover you OT!!!!!
September 29, 2012 at 9:23 am
you guys are out of this world!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! BRAVO…………………………….. THANXXXXXXXXXXXXX 🙂
June 19, 2012 at 8:52 am
GREAT! Thanks for the lecture, extremely, helpful!
March 19, 2012 at 4:02 pm
the lecture for processing costing WIP – FIFO is being interrupted several times. could you please help?
April 8, 2012 at 1:54 pm
i have encountered the same problems.
March 9, 2012 at 6:18 am
November 30, 2011 at 7:59 am
would you have tthe answers to the multi choice question please so i know i am on the right track,,,…plzzz
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