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Process costing

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Process costing

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • Author
    Posts
  • November 20, 2021 at 4:36 am #641104
    pappu858
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    Yeomen Ltd uses process costing and the FIFO method of valuation. The
    following information for last month relates to Process G, where all the
    material is added at the beginning of the process:
    Opening work-in-progress: 2,000 litres (30% complete in respect of
    conversion costs) valued in total at£24,600
    (£16,500 for direct materials; £8,100 for
    conversion).
    Costs incurred:
    Direct materials £99,600 for 12,500 litres of input
    Conversion £155,250
    Normal loss: 8% of input in the period. All losses, which are
    incurred evenly throughout the process, can be sold
    for £3 per litre.
    Actual output: 10,000 litres were transferred from Process G to the
    finished goods warehouse.
    Closing work-in-progress: 3,000 litres (45% complete in respect of
    conversion costs).
    Required:
    (a) Prepare the Process G Account for last month in £ and litres.

    November 20, 2021 at 7:40 am #641115
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51561
    • ☆☆☆☆☆

    There is no point in simply typing out a full question and expecting to be provided with a full answer.

    You must have an answer in the same book which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain.

    This question could not possibly be asked in the exam because you cannot be asked to write up a process account (although you are expected to be able to calculate all of the relevant figures).

    I suggest that you watch my free lectures on process costing. The lectures are a complete free course for Paper MA and cover everything needed to be able to pass the exam well.

  • Author
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