Solution-Determine the cost value of closing wip and the

Determine the cost value of closing wip and the cost value

Reference no: EM132608354

How we deal with in process costing as per weighted avg method in case of opening WIP and closing WIP given for the month of june and other data is raw material used in the month of may

example:-

For accounting purposes all raw material and packing is assumed to be added at the start of the continuous process. The conversion costs of manufacturing are assumed to occur evenly across the whole of the production cycle which takes several hours.

Work-in-Process: June 1, 2020 21,900 UNITs

Stage of completion

Value

Raw materials 100% RS. 32,900

Conversion 15% RS. 7,300

Work-in-Process: June 30, 2020 36,750 UNITS 65% Complete

A total of 535,800 UNITs were commenced during May and the following costs were incurred.

Costs incurred during May 2020:

Raw materials

RS. 803,000

Conversion

RS. 1,078,000

Problem 1: Using the Weighted Average Cost Method determine the cost value of closing WIP and the cost value of goods transferred out during the period.

Reference no: EM132608354

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Determine the cost value of closing wip and the cost value

Reference no: EM132608354

Reference no: EM132608354

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