Leeds Electronics uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month is listed below:
-Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. The cost of ending work in process stock in the first processing department according to the company's cost system is closest to:

Question

Quizplus · Accepted Answer

The cost of ending work in process is calculated based on the costs assigned to the units that are still in process at the end of the period. The closest value to the computed cost, considering rounding, is £22,808.

Leeds Electronics Uses the FIFO Method in Its Process Costing