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process costing system(FIFO)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › process costing system(FIFO)

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.
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    Posts
  • November 15, 2016 at 5:52 am #348987
    hanbyul
    Member
    • Topics: 4
    • Replies: 2
    • ☆

    given opening work in progress 200units with a total value of $1530.input to the process 1000 unit ,completed production 1040 unit.
    last month the cost per equivalent unit of production was $20 and the degree of the completion of the work in progress was 40% throughout the month .

    what was the value at (cost)of last month’s closing work in progress? answer= $1280

    what was the cost of the 1040 units completed last month? answer =$20730

    to calculate the closing work in progress is it ,1040+200-1000
    i have no idea how to proceed after that

    November 15, 2016 at 8:22 am #349025
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    You must watch my free lectures on process costing, because all of the above is explained with examples. I cannot type out all the lectures here 🙂

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