Page 221 - F2 - MA Integrated Workbook STUDENT 2018-19

Process costing

Test your understanding 5

CF Processing operates the FIFO method of accounting for opening work in
process in its mixing process. The following data relate to April 20X8:
Opening work in process 1,000 litres valued at $1,500

Input 30,000 litres costing $14,700
Conversion costs $10,115

Output 24,000 litres

Closing work in process 7,000 litres

Opening work in process was 100% complete as to input materials, and 70%
complete as to conversion. Closing work in process is complete as to input
materials and 80% complete as to conversion.

(a) Calculate the number of material-equivalent units produced.

(b) Calculate the number of conversion-equivalent units produced.

(c) Calculate the value of the completed output.

(d) Calculate the value of the closing work in progress.

Illustrations and further practice

Now try TYU question 4 from Chapter 9

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