Officer Production Question:
Tell us how can you calculate manufacturing work in progress?
Answer:
Manufacturing work in progress is when manufacturing firm transforms material into the work in process which includes raw material, labour and factory overhead. You can calculate all the below factors to know the costing for the manufacturing work in progress.
☛ labour costs
☛ Raw material inventory costs
☛ Production cost
☛ Cost of ending work in process for the accounting period
☛ labour costs
☛ Raw material inventory costs
☛ Production cost
☛ Cost of ending work in process for the accounting period
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