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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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:

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?

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