Opening Work-in -progress 10,000 units,80% complete as regards material and 60% complete as regards labour and overheads. Units introduced during the year is 20,000 units. During the current period 18000 units completed and obtained from the process. At the end of the period there were closing WIP of 12000 units which are 90% complete as regards materials and 80% as regards labour and overheads. Other details: • Cost of 20,000 units introduced in current period is $2,08,000 • Labour and Overheads cost $1,08,000 • Cost of Opening WIP $138200 ($94000 materials and $43800 Labour and Overheads. Prepare Statement of Equivalent Production. Statement of Cost per unit and Statement of

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
Opening Work-in -progress 10,000 units,80% complete as regards material and 60% complete as
regards labour and overheads. Units introduced during the year is 20,000 units. During the current
period 18000 units completed and obtained from the process. At the end of the period there were
closing WIP of 12000 units which are 90% complete as regards materials and 80% as regards
labour and overheads. Other details:
Cost of 20,000 units introduced in current period is $2,08,000
• Labour and Overheads cost $1,08,000
• Cost of Opening WIP $138200 ($94000 materials and $43800 Labour and Overheads.
Prepare Statement of Equivalent Production, Statement of Cost per unit and Statement of
Valuation using FIFO method:
Transcribed Image Text:Opening Work-in -progress 10,000 units,80% complete as regards material and 60% complete as regards labour and overheads. Units introduced during the year is 20,000 units. During the current period 18000 units completed and obtained from the process. At the end of the period there were closing WIP of 12000 units which are 90% complete as regards materials and 80% as regards labour and overheads. Other details: Cost of 20,000 units introduced in current period is $2,08,000 • Labour and Overheads cost $1,08,000 • Cost of Opening WIP $138200 ($94000 materials and $43800 Labour and Overheads. Prepare Statement of Equivalent Production, Statement of Cost per unit and Statement of Valuation using FIFO method:
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education