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kindly help me answer this. The following data relate to Process 2 At the beginning of period there were 800 partly completed units which had
kindly help me answer this.
The following data relate to Process 2 At the beginning of period there were 800 partly completed units which had the following values: Value %age complete K.000 Input material 8,200 100 Material Introduced 5,600 55 Labour 3,200 60 Overheads 2,400 45 During the period 4,300 units were transferred from process 1 at a value of 46,500,000 and other costs were: K'000 Material Introduced 24,000 Labour 19,500 Overheads 18,200 At the end of the period, the closing WIP was 600 units which were at the following stage of completion: Input Material 100% Material introduced 50% Labour 45% Overheads 40% The balance of 4,500 units was transferred to finished goods. Calculate the value of units transferred to finished goods and the value of WIP and prepare the process account using FIFO method (13 Marks) Average cost method (12 marks) (Total 25 Marks) The following data relate to Process 2 At the beginning of period there were 800 partly completed units which had the following values: Value %age complete K.000 Input material 8,200 100 Material Introduced 5,600 55 Labour 3,200 60 Overheads 2,400 45 During the period 4,300 units were transferred from process 1 at a value of 46,500,000 and other costs were: K'000 Material Introduced 24,000 Labour 19,500 Overheads 18,200 At the end of the period, the closing WIP was 600 units which were at the following stage of completion: Input Material 100% Material introduced 50% Labour 45% Overheads 40% The balance of 4,500 units was transferred to finished goods. Calculate the value of units transferred to finished goods and the value of WIP and prepare the process account using FIFO method (13 Marks) Average cost method (12 marks) (Total 25 Marks)Step by Step Solution
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