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Process Costing

Forums › FIA Forums › MA1 Management Information Forums › Process Costing

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Ken Garrett.
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  • January 24, 2019 at 3:27 pm #503197
    sasha
    Member
    • Topics: 18
    • Replies: 13
    • ☆

    A manufacturing business worked on four jobs during a period:

    Job 1 Job 2 Job 3 Job 4
    $ $ $ $
    Work in progress at the beginning of the period 5,260 3,170 6,940 –
    Direct Materials in the period 1,120 4,650 6,010 3,360
    Direct Labour in the period 580 3,970 5,170 2,980

    Production overheads totaled $11,430 in the period and are absorbed into the cost of jobs as a percentage of direct labour cost.

    Job 1, 3 and 4 were all completed in the period

    What is the value of the closing work in progress at the end of the period?

    The answer is $ 15,363.

    Please explain.

    The source is an online past paper from https://chongsk818.blogspot.com/2014/08/ma1-mock-test-2-answers.html

    January 24, 2019 at 5:46 pm #503202
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10189
    • ☆☆☆☆☆

    If Jobs 1,3 and 4 are completed they do not contribute to WiP. So, looking at Job 2:

    B/f cost = 3,170
    Materials added = 4,650
    Labour added = 3,970
    Total so far = 11,790.

    Overheads added to Job 2 = 11,430 x 3,970/(580 + 3970+ 5170 + 2980) = 3,573

    Total = 11,790 + 3,573 = 15,363

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