Waec Model Questions Vol1 2021 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
A manufacturing firm uses weighted‑average process costing. Opening work‑in‑process (WIP) consists of 5,000 units that are 40 % complete for materials and 30 % complete for conversion. During the period 20,000 units are started. At the end of the period 18,000 units are completed and transferred out and 7,000 units remain in ending WIP, which are 60 % complete for materials and 50 % complete for conversion. Costs are as follows: Opening WIP - Materials ₦120,000, Conversion ₦80,000; Costs added during the period - Materials ₦540,000, Conversion ₦460,000. Calculate the total cost of the ending WIP inventory (round to the nearest naira).
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 8. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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