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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.
Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma
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standard hours = 5000 standard wages = Rs.3/hr actual hours worked = 5600 hrs actual wages paid = 17920
Comparison between Absorption and Marginal Costing Marginal Costing like a cost accounting system is considerably different from absorption costing. It is an optionally metho
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