The Massive Mining Co
refines iron ore for export markets. The following data relates to the
companyâs mine for the month of April:
25,000
units of work in process existed at 1st April, the costs for which were:
Direct
materials £18,500 Conversion
£36,750
35,000
units commenced production during April. The costs incurred during the month
for refining were:
Direct
material £300,000 Conversion
£230,000
The
closing work in progress at 30th April was 15000 units. Materials were added at
the beginning of the refining process and conversion was 1/3rd complete at
month end.
a.
Calculate the cost per equivalent unit for the month of April using the
weighted average method of process costing.
b.
Calculate the value of work in progress and the value of completed stock
transferred to finished goods during the month
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