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Hm, operates a process costing system. 1000 units of a product remained incomplete in a process at the end of period . The closing work in progress 70% complete in respect of conversation costs which were 3 $ per equivalent unit in the period.
What was the amount of conversation costs included in the valuation of the closing WIP?
In future, if you wish for me to answer then you must ask in the Ask the Tutor Forum – this forum is for students to help each other.
If they were 70% complete, then the equivalent units are 70% x 1,000 = 700.
If the conversion cost is $3 per equivalent unit, then the total conversion costs are 700 x $3 = $2,100.
I really do suggest that you watch our free lectures – they are a complete course for Paper F2 and cover everything needed to pass the exam well.
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