A company operates a process costing system using the first in, first out (FIFO) system of valuation. No losses occur in the process. The following data relate to last month:

................................................................................Units
Opening work in progress ..................200 with a total value of £1530
Input to the process ............................................1000
Completed production .......................................1040

Last month the cost per equivalent unit of production was £20 and the degree of completion of the work in progress was 40 per cent throughout the month.
(a) What was the value (at cost) of last month’s closing work in progress?
(A)  £1,224
(B)  £1,280
(C)  £1,836
(D)  £1,920
(b)  What was the cost of the 1040 units completed last month?
(A)  £19,200
(B)  £19,930
(C)  £20,730
(D)  £20,800CW Ltd makes one product in a single process.
The details of the process for period 2 were as follows:
There were 800 units of opening work in progress valued as follows:
Material..................................... £98,000
Labour .......................................£46,000
Production overheads ...............£7,600
During the period 1800 units were added to the process and the following costs were incurred:
Material ...............................£387,800
Labour .................................£276,320
Production overheads ......£149,280
There were 500 units of closing work in progress, which were 100 per cent complete for material, 90 per cent complete for labour and 40 per cent complete for production overheads.
A normal loss equal to 10 per cent of new material input during the period was expected. The actual loss amounted to 180 units. Each unit of loss was sold for £10 per unit.
CW Ltd uses weighted average costing.
Calculate the cost of the output for the period.