Intermediate KL Processing operates the FIFO method of accounting for opening work in process in its mixing process. The following data relates to April:

Losses in processes are expected to be 10% of period input. They are complete as to input material costs but are discovered after 60% conversion.
Losses have a scrap value of £0.20 per litre.
Opening work in process was 100% complete as to input materials, and 70% complete as to conversion.
Closing work in process is complete as to input materials and 80% complete as to conversion.

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Opening work in process Input Conversion costs 1000 litres valued at 1500 30 000 litres costing 15000 10000 Output Closing work 24 000 litres 3 500 litres in process