he following figures relate to Process 1 for the month of October: ...
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Accounting
he following figures relate to Process 1 for the month of October:
| Units | Material | Labour | Overhead | |
| WIP 1/10/2020 | 33 | 1,485 | 1,782 | 3,564 |
| Stage of Completion | 100% | 6% | 6% | |
| Units entering Process | 1948 | |||
| Costs for the month | 40,908 | 132,464 | 264,928 | |
| WIP 31/10/2020 | 204 | |||
| Stage of completion | 100% | 83% | 83% |
Complete the process costing worksheet and state the value of WIP as at 31st October, 2020 using the W.A. method and answer the following questions:
(a) What is the value of the completed units for the month?
(b) What is the value of the Closing WIP inventory?
(c) What are the Unit costs of Direct material, direct labour, and manufacturing overhead?
Please note: Show all working out
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