Late N Tyle Limited makes treacle. At the start of November, there were 5,000 litres of work in progress which were 60% complete in respect of all inputs. Opening work in progress was valued at £2,000. During the month, 101,000 litres of treacle were produced. Materials for the month cost £61,250 and conversion costs for the month amounted to £10,910. At the end of November, there were 2,500 litres of work in progress which were 80% complete in respect of all inputs. Late N Tyle Limited uses the weighted average cost method to value work in progress and finished goods. What is the value of closing work in progress that Late N Tyle will record in the process account for November?

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The Answer of Late N Tyle Limited makes treacle. At the start of November, there were 5,000 litres of work in progress which were 60% complete in respect of all inputs. Opening work in progress was valued at £2,000. During the month, 101,000 litres of treacle were produced. Materials for the month cost £61,250 and conversion costs for the month amounted to £10,910. At the end of November, there were 2,500 litres of work in progress which were 80% complete in respect of all inputs. Late N Tyle Limited uses the weighted average cost method to value work in progress and finished goods. What is the value of closing work in progress that Late N Tyle will record in the process account for November?

Late N Tyle Limited Makes Treacle