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Calculate the cost of abnormal loss (or gain), closing work-in-progress and units transferred to the next process using FIFO method. Show the Process Account for Dec. 2018
If a company uses standard process costing, the amount transferred from Work in Process Inventory to Finished Goods Inventory is the a. standard cost of equivalent unit production for the period. b. standard cost of units completed during the period.
Using the average cost method, what was the materials cost of work in process at October 31? SOLUTION: Using WAVE Method: Materials Units to account for: Actual WD EP WIP, beginning 6,000 units Started 50,000 units 56,000 units
This section covers Steps 2 and 3 from our overview of process costing: calculate cost per equivalent rates and then use those rates to allocate costs between completed units and ending WIP. First, let’s review our rate equations.
Example 1. 5,000kg of material are input to a process in a period. The normal loss is 10% of input. There is no work-in-progress at the end of each period. Costs incurred in the process in the period totalled $40,500. Required. Calculate: the expected output (kg). the abnormal loss/gain (kg): if the actual output is 4,650kg.
This document provides 7 problems involving process costing calculations. The problems include calculating equivalent units of production, beginning and ending work-in-process, and production cost worksheets using weighted average and FIFO costing methods for multiple departments with direct materials and conversion costs.
Process Costing Problems and Solutions. Problem # 1: The Zee manufacturing company produces a single product which goes through one process only. The manufacturing cycle takes a month. The company started its manufacturing operation on 1st February, 2018 and costs of production for this month were as follows: Material.
