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A company operates a process costing system using the First-in-first-out
(FIFO) method of valuation. No losses occur in the process. All materials are input at the commencement of the process. Conversion costs are incurred evenly through the process.
The following details are provided to you relating the last month:
Units
Opening work in progress
3,000 75% complete
Total number of units completed
18,000
Cwip 5000 30% complete
Degree of
Costs arising
Materials 55000
Conversion costs
$156,780
Calculate the value of closing work in progress during the last month?
I’m finding this difficult to calculate, first i got the rate by dividing cost with EU’s but still i wasn’t able to find cwip value, can you help me with this
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