Prepare statement of equivalent production, statement of cost and Process Account from the following information: Units introduced 7,600 Output (Units) 6,000 Process Cost Materials Rs.14,560 Labour Rs.21,360 Overhead Rs.14,240 Degree of completion for closing work-in-process: Materials 80% Labour 70% Overhead 70%
Answers
Answer:
The following cost data is made use of in finding the cost per unit of completed production
quantity of completed units
quantity of work-in-progress units
▪ percentage completion of the work-in-progress units with respect to each element of cost
■ expenditure incurred on each element of cost
Explanation:
The cost data available regarding a process would be in relation to the total expenditure incurred on both the completed units and the units in work-in-progress together. If the cost data is capable of being segregated into cost incurred on completed units and cost incurred on work in progress units, then the cost incurred on the work in progress units would itself form the value of work in progress units.
Therefore, in process cost accounting, the first task in evaluating the value of closing work-in-progress is to find out an estimate of the cost per unit of completed production based on the cost data available in relation to the process
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