• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for March and June 2025 exams.
Get your discount code >>

Process costing FIFO closing work in progress

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Process costing FIFO closing work in progress

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 2, 2016 at 7:47 am #293230
    shazzy30
    Member
    • Topics: 17
    • Replies: 45
    • ☆☆

    Hi
    Plz can u help me with this question.Thanks

    Than Pele Ltd is a manufacturer. Than Pele using the FIFO method of valuation. The details of the first process in Period 2 are as follows:

    OWIP = 400 units

    Costs incurred so far
    Materials $19,880
    Conversion $3,775

    Degrees of completion
    Materials 100%
    Conversion 25%

    Completed output = 1,700 units

    CWIP = 300 units

    Degree of completion:
    Materials 100%
    Conversion 50%

    Costs incurred in Period 2:
    Materials $100,000
    Conversion $86,000

    What is the valuation of the closing work in progress?
    A $7,371
    B $26,121
    C $18,750
    D $145,136

    I worked it out and got B($26121) as the answer but im not sure whether it is correct as i dont have the mark scheme for it,so may u plz check it for me? Thanks

    January 2, 2016 at 7:55 am #293239
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54664
    • ☆☆☆☆☆

    Yes – B is the correct answer.

    (Although you really should not waste your time practicing questions for which you do not have answers to check to 🙂 )

    January 2, 2016 at 8:03 am #293265
    shazzy30
    Member
    • Topics: 17
    • Replies: 45
    • ☆☆

    Thanks for your prompt reply…oh about that..well i just attempt the papers hoping im right…and ask you questions which i doubt…thanks all the same 😀

    January 2, 2016 at 8:05 am #293274
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54664
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • nabeelafatima on Using Information Systems – ACCA Performance Management (PM)
  • John Moffat on Irrecoverable Debts and Allowances Example 3 – ACCA Financial Accounting (FA) lectures
  • Fangzi on The cost of capital (part 1) – ACCA (AFM) lectures
  • Coffeeice6 on What is Assurance? – ACCA Audit and Assurance (AA)
  • khalid.zaheer on Irrecoverable Debts and Allowances Example 3 – ACCA Financial Accounting (FA) lectures

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in