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Valuation of Work In Progress
The concept of Equivalent units
It is a notional quantity of completed goods in the production process. This is a collection of work application or direct materials and overheads, direct labor necessary to produce one complete unit of output. They are the number of units such would have been produced throughout a period of all the departments' efforts had resulted into completed units. The concept is employed for causes of translating the partially completed production into its completed unit's equivalent.This enables cost accountants to value the work-in-progress in an objective, reliable, consistent manner.
Quicksilver Compnay has set the follwoing standards for one unit of product: Direct material Quantity: 6.2 lbs per unit Price per lb: $11 per lb Direct Labor Quantity: 6 hrs
discuss the problems of installing a costing system
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What is buffer stock
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