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a company operates a process in which no losses are incurred. the process account for last month , when there was no opening work in progress , was as follows :
process account
costs arising $ $
624000 finished output (10000 units) 480000
closing work in progress (4000 units) 144000
————————— —————-
624000 624000
—————————— —————-the closing work in progress was complete to the same degree for all elements of cost.
what was the percentage degree of completion of closing work in progress?
the answer is 75%.
cost per unit of finished output (480000/10000) $48
cost per unit of work in progress (144000/4000) $36
therefore the WIP is 75% completed.how we got the 75%?
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