Process with ending inventories. where materials were added at the start of the process The opening inventory of a process is 20,000 units which are deemed 40% complete. Opening material costs are $200,000. Opening inventory of conversion costs are $800,000. All materials are added at the start of the production process. While, conversion takes place continuously throughout the process. During the period 60,000 were started. Material costs for the period were $800,000 While, conversion costs for the same period were $1,600,000. Ending work-in-progress was 30,000 units that were considered one third complete. Required: a. Using the weighted average cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account. b. Using the FIFO cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account. The opening inventory of a process is 10,000 units which are deemed 75% completed with respect to material and 50% completed with respect to direct labour and overheads. Opening material cost is $500,000, while direct labour and production overheads are $750,000 and $ 1,750,000 respectively. During the period 90,000 units were started. Material cost for the period was $1,500,000. While, labour and overheads were $1,000,000 and $1,500,000 respectively. It was ascertained that there were 20,000 units at the end of the period which are 50% completed for materials and 25% complete for labour and production overheads. Required: a Using the weighted average cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account b. Using the FIFO cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account Process with ending inventories, where materials were added at the partway during the process Process with ending inventories. where materials were added at the start of the process The opening inventory of a process is 20,000 units which are deemed 40% complete. Opening material costs are $200,000. Opening inventory of conversion costs are $800,000. All materials are added at the start of the production process. While, conversion takes place continuously throughout the process. During the period 60,000 were started. Material costs for the period were $800,000 While, conversion costs for the same period were $1,600,000. Ending work-in-progress was 30,000 units that were considered one third complete. Required: a. Using the weighted average cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account. b. Using the FIFO cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account. The opening inventory of a process is 10,000 units which are deemed 75% completed with respect to material and 50% completed with respect to direct labour and overheads. Opening material cost is $500,000, while direct labour and production overheads are $750,000 and $ 1,750,000 respectively. During the period 90,000 units were started. Material cost for the period was $1,500,000. While, labour and overheads were $1,000,000 and $1,500,000 respectively. It was ascertained that there were 20,000 units at the end of the period which are 50% completed for materials and 25% complete for labour and production overheads. Required: a Using the weighted average cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account b. Using the FIFO cost flow assumption: determine the equivalent unit cost, work in progress and prepare the process account Process with ending inventories, where materials were added at the partway during the process
