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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:
Opening work in progress
3,000 75% complete
Total number of units completed
Cwip 5000 30% complete
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
You must watch my free lectures on process costing because I work through all of the calculations needed.
You cannot expect me to type out my lectures again here 🙂