The following process account has been drawn up for the last month:
| Process account Don't use plagiarized sources. Get Your Custom Essay on the following process account has been drawn up for the last month 610041 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | |||||
| Units | £ | Units | £ | ||
| Opening | 250 | 3 000 | Normal loss | 225 | 450 |
| Input: | 8 125 | Output | 4100 |
| |
| Materials | 4500 | 22 500 | Abnormal Loss | 275 |
|
| Labour | 37 500 | Closing WIP | 150 |
| |
| 4750 |
|
| 4750 |
| |
Work in progress has the following level of completion:
| Material | Labour | |
| Opening WIP | 100% | 40% |
| Closing WIP | 100% | 30% |
The company uses the FIFO method for valuing the output from the process and all losses occurred at the end of the process.
What were the equivalent units for labour?
A 4380 units
B 4270 units
C 4320 units
D 4420 units
Q26.
Perth operates a process costing system. The process is expected to lose 25% of input and this can be sold for £8 per kg.
Input for the month were:
| Direct materials | 3500 kg at a total cost of £52 500 |
| Direct labour | £9625 for the period |
There is no opening or closing work in progress in the period. Actual output was 2800kg.
What is the valuation of the output?
A £44 100
B £49 700
C £58 800
D £56 525.
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