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Good day
Are these the correct steps to prepare a process costing report:
1. Account for the physical units of inventory
2. Determine the equivalent units for material and conversion
3. Calculate the total costs incurred (cost brought forward and cost added)
4. Calculate the unit cost for material and conversion.
5. Determine the value of completed units and equivalent work-in-progress carried forward
6. Reconcile the balance in step 3 with step 5.Thank you in advance.
They seem correct, but why are you asking?
Dealing with work-in-progress (and therefore equivalent units) had been removed from the syllabus for Paper MA.
Oh okay.
I’m not currently pursuing ACCA but rather A’level accounting (it’s called CAPE in my country) and it’s on my syllabus.
But the content for my subject is very similar to MA and FA papers.Also, I’m doing Management of Business and Economics so I hope to do my first 3 ACCA papers in the December sitting of this year.
I’m really looking forward to using you guy’s content to help with self study especially to cover the areas that aren’t in my current syllabi.
Thank you for you reply sir and for this platform.
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