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Hello Mr. Moffat, another question if I may.
In process costing where equivalent units are determined, Material and Conversion costs are always separated.
My question then, suppose normal loss with a scrap value is given, from where should it subtracted between Material and Conversion costs ?
I thought :Material costs, but is this right ?
Material and conversion costs are separated assuming that there are different stages of completion when there is WIP.
The examiner has stated that there will not be questions involving losses and WIP in the same question.(You would be right I what you have written, but it can’t be asked in the exam)
Everything needed for the exam is covered in our free lectures on this.
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