The following details relate to an intermediary process in a factory: No. of % Degree of completion Costs units ($) WIP (Opening balance) : Materials 300 12,300 50 Labour 80 Overheads 80 Transfer from previous process 100 3,800 Process materials added Direct wages 1,36,800 7,900 37,400 14,960 Overheads Transfer to next process (finished) WIP (closing balance) : Materials 100 3,500 600 100 Labour 80 Overheads 80 Prepare : (i) Statement of equivalent production (on FIFO basis) (ii) Statement showing cost of each element

The following details relate to an intermediary process in a factory: No. of % Degree of completion Costs units ($) WIP (Opening balance) : Materials 300 12,300 50 Labour 80 Overheads 80 Transfer from previous process 100 3,800 Process materials added Direct wages 1,36,800 7,900 37,400 14,960 Overheads Transfer to next process (finished) WIP (closing balance) : Materials 100 3,500 600 100 Labour 80 Overheads 80 Prepare : (i) Statement of equivalent production (on FIFO basis) (ii) Statement showing cost of each element

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Description: The following details relate to an intermediary process in a factory:No. ofCosts% Degreeof completionunits($)WIP (Opening balance) :Materials30012,30050Labour80Overheads80Transfer from previous process1003,800Process materials addedDirect wages1,36,

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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