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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 8 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • September 8, 2016 at 8:09 am #338936
    firelion28
    Member
    • Topics: 159
    • Replies: 83
    • ☆☆☆

    Hi John

    Needed your help to clear one concept

    While calculating, the total joing production costs, the questions gave the following in process costing for joing products

    Opening inventory – $1000
    Added material – $10000
    Conversion costs – $ 12,000
    Closing inventory $3000

    I added all of them and got the total joint production costs as $26,000 however it is wrong and I dont understand why the book says $23,000 as we are incurring all these costs in the production process

    September 8, 2016 at 10:58 am #338993
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    If you are copying everything correctly, then neither you nor your book are correct!

    If you start with inventory of 1,000 and then spend another 10,000 and another 12,000, then the total cost is $23,000. If some of the material is left in closing inventory, then only 20,000 (23,000 – 3,000) was spent on what was actually produced.

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