{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:24:03-04:00", "answer_date": "2024-06-28 09:24:03", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4283167", "url": "\/study-help\/questions\/axl-ltd-operates-a-process-costing-system-details-of-process-4283167", "question_creation_date_js": "2024-06-28T09:24:03-04:00", "question_creation_date": "Jun 28, 2024 09:24 AM", "meta_title": "[Solved] AXL Ltd operates a process costing system | SolutionInn", "meta_description": "Answer of - AXL Ltd operates a process costing system. Details of Process 1 are as follows. All materials used are added at the be | SolutionInn", "meta_keywords": "axl,ltd,operates,process,costing,system,details,1,materials,added,beginning,labour", "question_title_h1": "AXL Ltd operates a process costing system. Details of Process 1 are as follows. All materials used are added at the beginning of the process.", "question_title": "AXL Ltd operates a process costing system. Details of Process 1 are", "question_title_for_js_snippet": "AXL Ltd operates a process costing system Details of Process 1 are as follows All materials used are added at the beginning of the process Labour costs and production overhead costs are incurred evenly as the product goes through the process Production overheads are absorbed at a rate of 100 of labour costs The following details are relevant to production in the period Opening inventory 200 Closing inventory 100 100 complete 100 complete Units Materials Labour and production overheads 75 complete 50 complete Opening inventory Costs associated with these opening units are GHS1,800 for materials In addition GHS4,000 had been accumulated for labour and overhead costs Period costs Costs incurred during the period were Materials GHS19,000 Labour costs GHS19,000 During the period, 2,000 units were passed to Process 2 There were no losses The company uses a FIFO method for valuing process costs Required Calculate the following (i) The total value of units transferred to Process 2 (ii) The value of the closing WIP", "question_description": "AXL Ltd operates a process costing system. Details of Process 1 are as follows. All materials used are added at the beginning of the process. Labour costs and production overhead costs are incurred evenly as the product goes through the process. Production overheads are absorbed at a rate of 100% of labour costs. The following details are relevant to production in the period: Opening inventory 200 Closing inventory 100 100% complete 100% complete Units Materials Labour and production overheads 75% complete 50% complete Opening inventory Costs associated with these opening units are GHS1,800 for materials. In addition GHS4,000 had been accumulated for labour and overhead costs. Period costs Costs incurred during the period were: Materials GHS19,000 Labour costs GHS19,000 During the period, 2,000 units were passed to Process 2. There were no losses. The company uses a FIFO method for valuing process costs. Required: Calculate the following: (i) The total value of units transferred to Process 2. (ii) The value of the closing WIP", "transcribed_text": "", "related_book": { "title": "Core Macroeconomics", "isbn": "978-1429278478, 1429278471, 978-1429278492, 1429278498, 1464191433, 978-1464191435", "edition": "3rd edition", "authors": "Eric Chiang", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/648.jpg", "uri": "\/textbooks\/core-macroeconomics-3rd-edition-648", "see_more_uri": "" }, "free_related_book": { "isbn": "1119794366", "uri": "\/textbooks\/casp-certification-kit-exam-cas-003-3rd-edition-978-1119794363-306915", "name": "Casp+ Certification Kit Exam Cas 003", "edition": "3rd Edition" }, "question_posted": "2024-06-28 09:24:03", "see_more_questions_link": "\/study-help\/questions\/business-business-communication-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/given-the-following-information-formulate-an-inventory-management-system-the", "description": "Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. a. State the order quantity and reorder point. b. Determine the annual holding and...", "stars": 3 }, { "url": "\/study-help\/coaching-supervision-a-practical-guide-for-supervisees\/can-action-regulation-theory-always-adequately-explain-our-behaviour-at-1980190", "description": "Can action regulation theory always adequately explain our behaviour at work? Explain why or why not.", "stars": 3 }, { "url": "\/hugh-colson-deposited-20000-in-a-special-savings-account-that", "description": "Hugh Colson deposited $20,000 in a special savings account that provides for interest at the annual rate of 12% compounded semiannually if the deposit is maintained for four years. Required Calculate...", "stars": 3.5 }, { "url": "\/study-help\/questions\/friendlys-quick-loan-inc-offers-you-three-for-four-or-9890593", "description": "Friendly's Quick Loan, Inc., offers you \"three for four or I knock on your door.\" This means you get $3 today and reapy $4 when you get your paycheck in one week (or else). What's the effective...", "stars": 3.5 }, { "url": "\/study-help\/questions\/walsh-corporation-uses-activitybased-costing-to-compute-product-margins-in-7909848", "description": "Walsh Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts-equipment expense and indirect labor-to...", "stars": 3.5 }, { "url": "\/study-help\/questions\/please-solve-correctly-identify-and-discuss-five-roles-of-a-993517", "description": "Please solve correctly Identify and discuss five roles of a Chief Executive Officer in an organisation, and show how these roles can be applied to ensure good corporate governance (Must not be less...", "stars": 3.5 }, { "url": "\/study-help\/questions\/critically-evaluate-the-current-industrial-relations-systems-in-kenya-10-1003459", "description": "critically evaluate the current industrial relations systems in Kenya (10 marks)", "stars": 3.5 }, { "url": "\/study-help\/questions\/a-pm-dc-motor-with-torque-constant-kpm-is-used-1004421", "description": "A PM DC motor with torque constant kPM is used to power a hydraulic pump: the pump is a positive displacement type and generates a flow proportional to the pump velocity: qp = kpw The fluid travels...", "stars": 3.5 }, { "url": "\/study-help\/questions\/bright-manufacturing-provided-the-following-information-for-the-month-ended-999537", "description": "Bright Manufacturing provided the following information for the month ended March 31: View the information. Prepare the income statement. Revenue: Cost of Goods Sold: Cost of Goods Sold Gross Profit...", "stars": 3.5 }, { "url": "\/study-help\/questions\/6-a-us-coast-guard-patrole-boat-leaves-fort-lauderdale-1004899", "description": "6. A U.S. Coast Guard patrole boat leaves Fort Lauderdale at 40 knots (nautical miles per hour) and travels for 5, hours on a course of N 37 E and then changes to a course of N 127 E for 7 hours....", "stars": 3.5 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/question-1-stengel-company-sells-a-snowboard-whiteout-that-is-4283166", "next": "\/study-help\/questions\/p-ltd-paid-500-million-to-acquire-80-of-s-4283168" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "AXL Ltd operates a process costing system. Details of Process 1 are", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/axl-ltd-operates-a-process-costing-system-details-of-process-4283167" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }}