opening work in progress was valued at cost of pound 42 000 costs incurred during th 644124
In a continuous flow process, the following information was collected in relation to production during the month of May:
|
|
Units |
|
Work in progress at start of month (60% complete) |
50,000 |
|
New units introduced for processing |
80,000 |
|
Completed units transferred to store |
100,000 |
|
Work in progress at end of month (20% complete) |
30,000 |
Opening work in progress was valued at cost of £42,000. Costs incurred during the month were £140,000.
Required
Calculate the value of finished output and work in progress using the weighted average method.