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Assignment on process costing

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Reference no: EM132431121

Process Costing

Calculation to calculate the closing Work In Progress (WIP) and the value of completed goods in the period. 

Paper Mill process costing - February 2020   

Opening WIP (units)                         20,050   

Opening WIP - raw materials           $18,000   

Opening WIP - Conversion costs       $6,000   

Units transferred in                           1,050,000   

Cost of units transferred in             $600,000   

Direct Materials added                     $19,500

Conversion Costs added  $20,000   

Costs transferred in Complete   100%   

Materials Complete  100%

Conversion Costs   45%   

Units completed  900,000

Required:

  1. Calculate the closing WIP (units and $) and the value of completed goods for the month ended 29 February 2019.
  2. Choose another method of process costing, describe it, and compare and contrast between it and the Weighted Average Cost Method.
  3. Describe what is meant by 'relevant range', what might be one of the impacts for this factory if it is breached?

Reference no: EM132431121

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