At 1 January, ACB Limited had 800 litres of solvent that were 80% complete with respect to all inputs of material, labour and overhead. This opening work in progress was valued at £4,200. During January, 12,000 litres of material were input to the process. Total costs for January for materials, labour and overhead amounted to £79,200. Normal loss from the process is 4% of input materials. During the month 11,320 litres of finished solvent were transferred to the next process. Work in progress at the end of the month amounted to 1,000 litres which were 32% complete with respect to materials, labour and overhead. There were no abnormal gains or losses in the process during January. ACB Limited values output and closing work in progress from its solvent process using the first in first out method of valuation. What is the value of closing work in progress at the end of January?

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The Answer of At 1 January, ACB Limited had 800 litres of solvent that were 80% complete with respect to all inputs of material, labour and overhead. This opening work in progress was valued at £4,200. During January, 12,000 litres of material were input to the process. Total costs for January for materials, labour and overhead amounted to £79,200. Normal loss from the process is 4% of input materials. During the month 11,320 litres of finished solvent were transferred to the next process. Work in progress at the end of the month amounted to 1,000 litres which were 32% complete with respect to materials, labour and overhead. There were no abnormal gains or losses in the process during January. ACB Limited values output and closing work in progress from its solvent process using the first in first out method of valuation. What is the value of closing work in progress at the end of January?

At 1 January, ACB Limited Had 800 Litres of Solvent