Solution Exhibit 4.19
[AQ3]
Step 4: Summarise total costs to account for and assign these costs to units completed and to units in closing work in progress using standard costs, Cooking Department of Telemark-Kjemi for June 2007 (in NKr).
Total
Transferred-in
production
costs
Direct
materials
Conversion
costs
costs
_________________________________________________________
Cost per
Cost per
Cost per
Equivalent equivalent Total Equivalent equivalent Total
Equivalent equivalent Total
units unit costs units
unit
costs
units
unit
costs
(10)=
(1) (2)
(3)=(1)×(2) (4)
(5) (6)=(4)×(5) (7)
(8)
(9)=(7)×(8) (3)+(6)+(9)
Panel Ab Total costs to account for work in progress, opening 40 1,050
*
42,000 0 390 0 30 640 19,200 61,200 Work done in current period only 80 1,050
*
84,000 90 390 35,100 75 640 48,000 167,100 To account for 120 126,000 90 35,100 105 67,200 228,300
Panel B
Assignment of costs Completed and transferred out
(90 physical tonnes) 90 1,050
*
94,500 90 390 35,100 90 640 57,600 187,200 Work in progress closing
(30 physical tonnes) 30 1,050
*
31,500 0
390 0 15 640 9,600 41,100 Accounted for 120 126,000 90 35,100 105 67,200 228,300
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