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How many equivalent units are used when calculating the cost per unit in relation to overhead? A company makes a product in two processes. The following data is available for the latest period, for process 1.Opening work in progress of 200 units was valued as follows.Material $2,400Labour $1,200Overhead $400No losses occur in the process.Units added and costs incurred during the period:Material $6,000 (500 units)Labour $3,350Overhead $1,490Closing work in progress of 100 units had reached the following degrees of completion:Material 100%Labour 50%Overhead 30%The company uses the weighted average method of inventory valuation.

This question is part of f2 mock exam
Asked by Muhammadhaseeb, Last updated: May 20, 2020

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muhammadhaseeb

Muhammadhaseeb

Answered Nov 06, 2018

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