Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Riggle Sdn Bhd manufactures headphone cases using a single process. There was no opening work in progress (WIP). As shown, the closing WIP of 500

Riggle Sdn Bhd manufactures headphone cases using a single process. There was no opening work in progress (WIP). As shown, the closing WIP of 500 units was completed: Material 100% Labour 60% Production overhead 30% The budgeted and actual activity levels are 10,000 and 10,220 machine hours, respectively. The fixed overhead is RM0.60 per machine hour. The following are the details of the process for the month of August: Material 6,000 units at RM1.24 per unit Labour RM5,500 Finished goods 4,500 units Normal loss 5% of the input At the end of the production process, losses are recognised and sold for RM0.55 per unit (Remember to round your answer to the nearest two decimal digits).

Required: (a) Prepare the process account for the month of August. (22 marks)

(b) Calculate the value of closing WIP.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting The Basics

Authors: Ilias Basioudis

1st Edition

1138605514, 9781138605510

More Books

Students also viewed these Accounting questions

Question

Identify who may be responsible for performance appraisal.

Answered: 1 week ago

Question

Explain the performance appraisal period.

Answered: 1 week ago