A company operates a process in which no losses are incurred. The process account for last month, when there was no opening work-in-progress, was as follows: Process account $ $ Costs arising 624,000 Finished output (10,000 units) 480,000 Closing work-in-progress (4,000 units) 144,000 –––––––– –––––––– 624,000 624,000 –––––––– –––––––– The closing work in progress was complete to the same degree for all elements of cost. What was the percentage degree of completion of the closing work-in-progress?
A company operates a process in which no losses are incurred. The process account for last month, when there was no opening work-in-progress, was as follows: Process account $ $ Costs arising 624,000 Finished output (10,000 units) 480,000 Closing work-in-progress (4,000 units) 144,000 –––––––– –––––––– 624,000 624,000 –––––––– –––––––– The closing work in progress was complete to the same degree for all elements of cost. What was the percentage degree of completion of the closing work-in-progress?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 4P: Halpern Companys controller prepared the following income statement and balance sheet at the end of...
Related questions
Question
A company operates a process in which no losses are incurred. The process account for last month,
when there was no opening work-in-progress, was as follows:
$ $
Costs arising 624,000 Finished output (10,000 units) 480,000
Closing work-in-progress (4,000 units) 144,000
–––––––– ––––––––
624,000 624,000
–––––––– ––––––––
The closing work in progress was complete to the same degree for all elements of cost.
What was the percentage degree of completion of the closing work-in-progress?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning