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How deal with in process costing as per weighted avg

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Reference no: EM132601247

Question 1: 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

Question 2: 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: EM132601247

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