Reference no: EM132566862
Sangat Bagus uses process costing and the FIFO method of valuation. The following information relates to process 3 of a three-stage production process for the month of July 2017.
Opening inventory 350 units complete to: RM materials from process 2 100% 4,900 added materials 70% 1,050 conversion costs 50% 510 6,460
In July 2017, a further 1,600 units were transferred from process 2 at a valuation of RM19,200. Added materials amounted to RM8,125 and conversion costs to RM3,230.
Closing inventory at 31 July 2017 amounted to 400 units, finished as to: process 1 materials 100% added materials 80% conversion costs 60%
Question (a) Prepare the following statements:
(1) Statement of Equivalent Units
(ii) Statement of Cost per Equivalent Units
(iii) Statement of Evaluation
Question (b) Prepare Process 3 Account, showing both quantities and values for July 2017.
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