Work in process: calculate cost of completed unit for Process 1 and 2, one in process

See attached file for full problem data

a. Prepare the accounts for Processes 1 and 2

(b) Calculate the cost of
(i) One completed unit of production in Process 1.
(ii) One competed unit of production in Process 2.
(iii) One unit of work in progress in process 2.

6ooo units from Process 2 were used in Process 3. As a result of which two joint products X and Y were produced. The costs of this process were as follows.

© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/accounting/work-in-process-calculate-cost-of-completed-unit-for-process-1-and-2-one-in-process-2ru
Attachments

Solution Preview

...
Approach:

Simplify the problem into the different work processes in arriving at the final product.

Information is ...