Assignment Problem: Process Costing
Calculation to calculate the closing Work In Progress (WIP) and the value of completed goods in the period.
Paper Mill process costing - February 2020
Opening WIP (units) 20,050
Opening WIP - raw materials $18,000
Opening WIP - Conversion costs $6,000
Units transferred in 1,050,000
Cost of units transferred in $600,000
Direct Materials added $19,500
Conversion Costs added $20,000
Costs transferred in Complete 100%
Materials Complete 100%
Conversion Costs 45%
Units completed 900,000
Required:
Question 1: Calculate the closing WIP and the value of completed goods for the month ended 29 February 2019.
Question 2: Choose another method of process costing, describe it, and compare and contrast between it and the Weighted Average Cost Method.
Question 3: Describe what is meant by 'relevant range'; what might be one of the impacts for this factory if it is breached?
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