Unit 6 - progress test- am i right?

Primble

Hey, its probably wrong but heres the question followed by my answer. how wrong am i?

Output process of 800 tonnes
wip 100 tonnes

inputs: material 900 tonnes@£58
labour 160 hours@ £8p/h
overheads £1500

degree of completion: 100% materials, 50% labour and overheads

answer (as a t account)

Process account
unit £ unit £
direct mat. 900 52200 output 800 47790
direct lab 1280 wip 100 7190
overhead 1500

54980 54980

I am ment to put this into a statement of equivalent units and statment of costs. I haven't got so far with this as lost confidence

ELEMENT OUTPUT WIP % EQUIVALENT cost
UNITS Units complete Units Cost Unit
dir.mat. 800 100 100
dir.lab 50
overhead 50

Primble

the red is ment to be as a t account but i dint do it very weel. basically direct material,lab, overhead are debits. output, wip ar credits. the first number is units the second is monetary value

crispy

Hello,

Im meant to be sitting a cima paper next week and am expecting process costing questions, here's my attempt:-

Material Cost per EU = £52,200/900 = £58
Conversion Cost per EU = £2,780/850 = £3.27

850 units are made up of 800 finished output and 50 for Cl. WIP (50% of 100)

Valuation:
Finshed Output 800 x (£58 + £3.27) = £49,016
Cl. WIP (100 X £58) + (50 X £3.27) = £5,964
Total (Credit side of T Account) = £ 54,980


I hope this is ok but maybe someone else can confirm?