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Question 2 (No OWIP But with CWIP Using Average Method (Equivalent Units)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Question 2 (No OWIP But with CWIP Using Average Method (Equivalent Units)

  • This topic has 1 reply, 2 voices, and was last updated 3 months ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • March 17, 2022 at 11:53 am #651419
    Yunnna
    • Topics: 1
    • Replies: 0
    • ☆

    Process 1:

    Input materials (24000kg) =RM168,000
    Additional materials (negligible weight) –
    Labour =RM 52,800
    Overheads =RM10,500

    Process 2:
    Input materials (24000kg) –
    Additional materials (negligible weight) =RM8740
    Labour =RM49,875
    Overheads =RM32,110

    Process 1
    There were no process losses and 19,000 kgs were transferred to Process 2. The unfinished production at
    the end of the month was complete as to materials and 60% complete as to labour and 40% complete as to
    overheads.
    Process 2
    The normal process loss is 5% of input. The loss can be sold as scrap for RM2 per kg. Completed good
    production was 15,200 kgs. The unfinished production at the end of the month was estimated to be 50%
    complete as to labour and 30% complete as to overheads.
    Required:
    For the month of July 2000, prepare accounts for:
    (a) Process 1 and Process 2; (ANSWER: TRANSFER TO PROCESS 2:RM188,100, COMPLETED OUTPUT:RM240,160
    (b) Process loss or gain. (ANSWER:NORMAL LOSS=RM1,900)

    May I know how to solve this problem?

    March 17, 2022 at 3:35 pm #651430
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49595
    • ☆☆☆☆☆

    Have you watched all of my free lectures on process costing, because this is all explain in the lectures?

  • Author
    Posts
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