Question:
In a continuous flow process, the following information was collected in relation to production during the month of May:
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Units
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Work-in-progress at start of month (60% complete)
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50,000
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New units introduced for processing
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80,000
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Completed units transferred to store
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100,000
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Work-in-progress at end of month (20% complete)
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30,000
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Opening work-in-progress was valued at cost of £42,000. Costs incurred during the month were £140,000.
Required
Calculate the value of finished output and work-in-progress using the weighted average method.