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

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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.


Solution Preview

This is a standard cost accounting problem.
Kindly go thru the following outline and the attached XLS file for the detailed ...

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In a carefully done analysis, the solution clearly shows the steps to arrive at the answers to the problems in addition to good explanations.