Tag Archives | Production

How to Calculate Work-in-Progress: With Methods, Formula

The following article will guide you about how to calculate opening and closing work-in-progress. Accounting with Opening and Closing Work-in-Progress-FIFO Method: FIFO method assumes that those units, which represent work-in-progress at the beginning, are completed first and the units partly complete at the end of the period are units introduced or transferred from the preceding process during the current period. [...]

By |2018-05-16T07:31:19+00:00May 16, 2018|Product Costing|Comments Off on How to Calculate Work-in-Progress: With Methods, Formula

Equivalent Production: Valuation and Procedure | Cost Accounting

In this article we will discuss about:- 1. Meaning of Equivalent Production 2. Valuation of Work-in-Progress 3. Procedure for Accounting of Equivalent Production 4. Methods for the Valuation of Opening Work-in-Progress 5. Adjustment of Treatment of Normal Loss, Abnormal Loss and Abnormal Gain in Computation of Equivalent Production. Meaning of Equivalent Production: In a process industry, production is on a [...]

By |2018-03-21T06:06:50+00:00March 21, 2018|Equivalent Production|Comments Off on Equivalent Production: Valuation and Procedure | Cost Accounting
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