IGL Ltd. is a single product manufacturer and began operati
IGL Ltd. is a single product manufacturer and began operations on… IGL Ltd. is a single product manufacturer and began operations on January 1, 2014. Material A is added at the beginning of the production process and packaging material B is added at the end of the process. Processing costs are incurred evenly throughout the process. Inspection is done when manufacturing has been completed, but before the addition of packaging material B. In this production process, rejected items, which normally account for 4% of acceptable production, are removed. Production numbers for the first quarter of 2014 are summarized as follows: Units started: 18,000 units Acceptable units completed and released: 15,000 units Closing inventory of work in process: 2,000 units Based on its continuous production costing system using the CMP method, IGL Ltd. incurred the following costs per equivalent unit during the first quarter:Matière AMatière BProcessing costs11,00 $0,80 $15,00 $ The cost of ending inventory of work in process was $34,000. a – Calculate abnormal losses for the first quarterb – With regard to the transformation, what was the percentage of Advance of the closing stocks of the products in progress Accounting Business Cost Accounting ADM 3346
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