The following data relate to Process 2 of Danvee Lid, a camera film manufacturer, for the financial year ended 31 December 2020. At the beginning of the year, there were 800 units partly completed which had the following values: Value GHC Percentage complete Input material (from process I) 8,200 100 Material introduced 5,600 55 Labour 3,200 60 Overheads 2,400 45 During the period, 4300 units were manufactured from Process I at a value of GHC46,500. Other costs were: GHC Material introduced 24,000 Labour 19,500 Overheads 18.200 At the end of the year, the closing WIP was 600 units which were at the following stages of completion:- Input material Material introduced Labour Overheads 100% complete s0% complete 45% complete 40% complete

The following data relate to Process 2 of Danvee Lid, a camera film manufacturer, for the financial year ended 31 December 2020. At the beginning of the year, there were 800 units partly completed which had the following values: Value GHC Percentage complete Input material (from process I) 8,200 100 Material introduced 5,600 55 Labour 3,200 60 Overheads 2,400 45 During the period, 4300 units were manufactured from Process I at a value of GHC46,500. Other costs were: GHC Material introduced 24,000 Labour 19,500 Overheads 18.200 At the end of the year, the closing WIP was 600 units which were at the following stages of completion:- Input material Material introduced Labour Overheads 100% complete s0% complete 45% complete 40% complete

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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