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During January 2021, 2000 units were introduced into Process 1. The normal loss was estimated at 5% on input. At the end of the month 1500 units had been produced and transferred to the

During January 2021, 2000 units were introduced into Process 1. The normal loss was estimated at 5% on input. At the end of the month 1500 units had been produced and transferred to the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During January 2021, 2000 units were introduced into Process 1. The normal loss was estimated at 5% on input. At the end of the month 1500 units had been produced and transferred to the next process. 250 units were uncompleted and 250 units had been scrapped. It was estimated that uncompleted units had reached a stage of production as follows: Material = 75% completed Labor = 60% completed Overhead - 60% completed. You are required to prepare a Statement of Equivalent Production and 1. Find the value of equivalent production in terms of materials? 2. What is the value of equivalent production in terms of labor and overheads?
Transcribed Image Text:During January 2021, 2000 units were introduced into Process 1. The normal loss was estimated at 5% on input. At the end of the month 1500 units had been produced and transferred to the next process. 250 units were uncompleted and 250 units had been scrapped. It was estimated that uncompleted units had reached a stage of production as follows: Material = 75% completed Labor = 60% completed Overhead - 60% completed. You are required to prepare a Statement of Equivalent Production and 1. Find the value of equivalent production in terms of materials? 2. What is the value of equivalent production in terms of labor and overheads?
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