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:

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?

(a) 12%

(b) 30%

(c) 40%

(d) 75%
(2 marks)
ACCA: Management Accounting

Transcribed Image Text:

Process Account Costs arising 624 000 624000 Finished output (10000 units) Closing work in progress (4000 units) ($) 480000 144000 624 000