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Calculate the value of finished goods and closing wip

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Reference no: EM132715686

A company operates a process costing plant. Details of process 2 for period 1 are as follows:

  • During the period 8250 units were received from the previous process at a valve $ 453,750, Labour and overheads were $ 350,060 and Material introduce was $24,750.
  • At the end of the period the closing work in process was 1600 units which were 100% complete in respect of materials and 60% complete in respect of labour and overheads. The balance of units was transferred to Finished goods.
  • There was no opening WIP or process losses.

Problem 1: Calculate the cost per EU, and the value of finished goods and Closing WIP

Reference no: EM132715686

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