Valuation of work in progress, Cost Accounting

Valuation of Work In Progress

The concept of Equivalent units

It is a notional quantity of completed goods in the production process. This is a collection of work application or direct materials and overheads, direct labor necessary to produce one complete unit of output. They are the number of units such would have been produced throughout a period of all the departments' efforts had resulted into completed units. The concept is employed for causes of translating the partially completed production into its completed unit's equivalent.This enables cost accountants to value the work-in-progress in an objective, reliable, consistent manner.

Posted Date: 2/7/2013 2:33:06 AM | Location : United States







Related Discussions:- Valuation of work in progress, Assignment Help, Ask Question on Valuation of work in progress, Get Answer, Expert's Help, Valuation of work in progress Discussions

Write discussion on Valuation of work in progress
Your posts are moderated
Related Questions
Identify the individual cost components and the total cost of delivering the product from supplier to retailer.   Identify each cost in terms of the incremental addition to the pro

REPORT ON SATYAM

Find a journal article online about just-in-time inventory systems. In the subject line of your post, include the title of the article that you read. Post a link to that article wi


In a given period production and cost data were as follows:     Total Costs   Materials   Rs. 5,115                      Labour          3,952                     Overheads

The following is a summary of a cash book for the year ended 31 April 2012 Payments                              $              Receipts                                    $

Q. Show the Profit volume charts? A variation of a break-even chart, representing graphically the relationship between profit &losses at different levels of sales volume achiev

The balance sheet and income statement for Bingle Ltd is presented to you as follows: Balance Sheet Extract as at 30 June 2012 with comparatives

You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees), it