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Cwip

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Cwip

  • This topic has 1 reply, 2 voices, and was last updated 9 months ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 20, 2022 at 11:27 am #654045
    zaramujeeb
    Member
    • Topics: 15
    • Replies: 2
    • ☆

    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

    April 20, 2022 at 3:00 pm #654099
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    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 🙂

  • Author
    Posts
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