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A company which operates a process costing system had work in progress at the start of last month of 400 units (valued at $3,000), which were 40% complete in respect of all costs. Last month 1,500 units were completed and transferred to the finished goods warehouse. The cost per equivalent unit for output produced last month was $20. The company uses the FIFO method of cost allocation.
What is the total cost of the 1,500 units transferred to the finished goods warehouse last month?kindly help me sir .
finished goods 1500-400=1100*20=22000+ opening value 3000 +opening (400*0.60*20) = 29800 is it correct ?
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