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closing work in progress

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › closing work in progress

  • This topic has 1 reply, 2 voices, and was last updated 7 months ago by John Moffat.
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  • Author
    Posts
  • June 11, 2022 at 5:21 pm #658502
    kashafaltaf500
    Member
    • Topics: 19
    • Replies: 9
    • ☆

    A firm uses job costing and recovers overheads on a direct labour cost basis.
    Three jobs were worked on during a period, the details of which were:
    Job 1 Job 2 Job 3
    $ $ $
    Opening work?in?progress 8,500 0 46,000
    Material in period 17,150 29,025 0
    Labour for period 12,500 23,000 4,500
    The overheads for the period were exactly as budgeted, $140,000. Actual labour costs were also the same
    as budgeted.
    Jobs 1 and 2 were the only incomplete jobs at the end of the period.

    236 What was the value of closing work?in?progress?
    A $81,900
    B $90,175
    C $140,675
    D $214,425

    hi can u plz explain how do i solve this one thx

    June 11, 2022 at 6:49 pm #658510
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51555
    • ☆☆☆☆☆

    First calculate the overheads per $ of labour. You are told what the total overheads are and what the total labour costs were.

    Jobs 1 and 2 were still incomplete and were therefore still work in progress,

    The value of Job 1 icloing work in progress is the opening work in progress, plus the material in the period, plus the labour in the period, plus the overheads (using the absorption rate as in my first sentence).

    It is the same working for job 2.

    (However, why are you attempting a question for which you do not have an answer? You should be using a Revision Kit from one of the ACCA Approved Publishers – they have answers together with the workings.)

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