Reference no: EM132468073
Problem - 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 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?
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