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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.
The following data relate to last month:Units Degree of completion Value
Opening work in progress 100 60% $680
Completed during the month 900
Closing work in progress 150 48%The cost per equivalent unit of production for last month was $12.
Required: Calculate the value of the closing work in progress and the total value of the units completed last month
Why are you setting test questions and expecting an answer?
You should say what problem you are having (especially since you presumable have an answer in the same book in which you found the question!!)I suggest that you watch the free lectures on process costing. Our lectures are a complete course for Paper F2 and cover everything needed to be able to pass the exams well.
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