A company operates a process in which no losses are incurred. The process account for last month, when there was no opening work-in-progress, was as follows: Process account $ $ Costs arising 624,000 Finished output (10,000 units) 480,000 Closing work-in-progress (4,000 units) 144,000 –––––––– –––––––– 624,000 624,000 –––––––– –––––––– The closing work in progress was complete to the same degree for all elements of cost. What was the percentage degree of completion of the closing work-in-progress?
A company operates a process in which no losses are incurred. The process account for last month, when there was no opening work-in-progress, was as follows: Process account $ $ Costs arising 624,000 Finished output (10,000 units) 480,000 Closing work-in-progress (4,000 units) 144,000 –––––––– –––––––– 624,000 624,000 –––––––– –––––––– The closing work in progress was complete to the same degree for all elements of cost. What was the percentage degree of completion of the closing work-in-progress?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company operates a process in which no losses are incurred. The process account for last month,
when there was no opening work-in-progress, was as follows:
$ $
Costs arising 624,000 Finished output (10,000 units) 480,000
Closing work-in-progress (4,000 units) 144,000
–––––––– ––––––––
624,000 624,000
–––––––– ––––––––
The closing work in progress was complete to the same degree for all elements of cost.
What was the percentage degree of completion of the closing work-in-progress?
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