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Use fifo approach and assume no losses.
During October, the following costs were incured:
Materials (30,000 units) $24,900
Conversion costs $20,075
At the beginning of October, there were 15,000 units of work in progress valued as follows
Materials (100% complete) $9,000
Conversion costs(40% complete) $1,250
At the end of Ooctober, there were 5,000 units of work in progress. They were 100% complete for materials and 50% complete for conversion.
4.1) calculate how many units were completed during October
a.$25,000
b.$30,000
c.$40,000
d.$45,000
4.2) Calculate the total cost per unit (hint: per equivalent unit)
a.$0.55
b.$0.83
c.$1.12
d.$1.38This is ridiculous. I have answered three of your questions, but we are not here to simply answer test questions.
You must have an answer in the book in which you found all of these questions.
This forum is for you to ask for help when you don’t understand something – not to simply expect answers to questions.
It seems that you have also not watched our free lectures. You should watch the lectures before attempting questions.
I really appreciate your help and your help means so much to me, these are not just questions that I found in some book because I would surely refer to that book for the answers, these are exam questions randomly selected from accounting books, I don’t understand some of the concepts like absorption and marginal costing, I have been trying to solve them but, unfortunately I couldn’t that is why I posted them here,
Anyways thank you! Next time I’ll be more considerable.You really must watch the free lectures before attempting more questions.
Also, you really should buy a Revision Kit from one of the ACCA approved publishers.
They contain lots of exam standard questions (and answers!) to practice, and practice is vital.
Getting it from one of the ACCA approved publishers also guarantees that the questions are exam standard.
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