ADMS 2510 Lecture Notes - Lecture 4: Indian Railways

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aquamarinesalmon656

4 Jun 2015

School

York University

Department

Administrative Studies

Course

ADMS 2510

Professor

Roberto Umana

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ADMS 2510 Full Course Notes

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Cost of ending work in process inventory . Equivalent units of production: cost per equivalent unit. Equivalent units of production (materials: 80,000 units 75% complete; conversion: 80,000 units 25% complete) Cost of beginning work in process inventory (,550 + ,500) Costs added to production during the period (,850 + ,300) Exercise 4-1 (20 minutes: to record issuing raw materials for use in production, to record direct labour costs incurred, to record applying manufacturing overhead, to record transfer of unfired, molded bricks from the molding depart- Work in process moulding department: to record transfer of finished bricks from the firing department to the. Work in process firing department finished goods warehouse: to record cost of goods sold: *units transferred to the next department = units in beginning work in process + units started into production units in ending work in process = 85,000 + 365,000 55,000 = 395,000: cost per equivalent unit. Cost per equivalent unit, (a) (b)

Related Questions

Harmon Company uses the weighted average method in its processcosting system. The Curing Department of Harmon Company reportedthe following information for the month of November

Work in process, beginning
Units in process, November 1	10,000
Stage of completion with respect toconversion	80%
Costs in the beginninginventory:
Materials cost	$34,500
Conversion costs	$48,600

Units started into production during the month	28,000
Units completed and transferred out	30,000

Costs added to production during the month:
Materials cost	$146,000.
Conversion cost	$194,400

Work in process, ending:
Units in process, November 30	8,000
State of completion with respect toconversion	30%

ALL MATERIALS ARE ADDED AT THE BEGINNING OF THEPROCESS

Required:

Complete the sections below.

Determine equivalent units of production

Equivalent Units

	Materials	Conversion
Transferred to next department
Ending Work in Process: Materials Conversion
Equivalent Units of Production

Compute the costs per equivalent unit

Equivalent Units

	Materials	Conversion
Cost of beginning work in process
Cost added during the period
Total Cost
Equivalent units of production
Cost per equivalent unit

Determine the total cost of ending work in process inventory andthe total cost of units transferred to the next process

Materials

Conversion

Total

Ending work in process inventory:

Equivalent units of production

Cost per equivalent unit

Cost of ending work in process inventory

Units completed and transferred out:

Units transferred to next department

Cost per equivalent unit

Costs of units completed & transferred out

Prepare a report that reconciles the total costs assigned to theending work in process inventory and the units transferred out withthe costs in beginning inventory and costs added during theperiod

Costs to be accounted for:

Cost of beginning work in process inventory

Costs added to production during the period

Total cost to be accounted for:

Costs accounted for as follows:

Cost of ending work in process inventory

Cost of units completed and transferred out

Total cost accounted for

pearhyena557

Data Beginning work in process inventory: Units in process 200 Completion with respect to materials 100% Completion with respect to conversion 40% Costs in the beginning work in process inventory: Materials cost $2,000 Conversion cost $800 Units started into production during the period 1,800 Costs added to production during the period: Materials cost $18,400 Conversion cost $38,765 Ending work in process inventory: Units in process 100 Completion with respect to materials 100% Completion with respect to conversion 30% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department ? ? Ending work in process inventory: Materials ? Conversion ? Equivalent units of production ? ? Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory ? ? Costs added during the period ? ? Total cost ? ? Equivalent units of production ? ? Cost per equivalent unit ? ? Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units of production ? ? Cost per equivalent unit ? ? Cost of ending work in process inventory ? ? ? Units completed and transferred out: Units transferred to the next department ? ? Cost per equivalent unit ? ? Cost of units transferred out ? ? ? Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory ? Costs added to production during the period ? Total cost to be accounted for ? Costs accounted for as follows: Cost of ending work in process inventory ? Cost of units transferred out ? Total cost accounted for ?

coraldonkey72

Harmon Company uses the weighted average method in its processcosting system. The Curing Department of Harmon Company reportedthe following information for the month of November

Work in process, beginning
Units in process, November 1	10,000
Stage of completion with respect toconversion	80%
Costs in the beginninginventory:
Materials cost	$34,500
Conversion costs	$48,600

Units started into production during the month	28,000
Units completed and transferred out	30,000

Costs added to production during the month:
Materials cost	$146,000.
Conversion cost	$194,400

Work in process, ending:
Units in process, November 30	8,000
State of completion with respect toconversion	30%

ALL MATERIALS ARE ADDED AT THE BEGINNING OF THEPROCESS

Required:

Complete the sections below.

Determine equivalent units of production

Equivalent Units

	Materials	Conversion
Transferred to next department	30000	30000
Ending Work in Process: Materials Conversion	8000	2400
Equivalent Units of Production	38000	32400

Compute the costs per equivalent unit

Equivalent Units

	Materials	Conversion
Cost of beginning work in process	34500	48600
Cost added during the period	146000	194400
Total Cost	180500	243000
Equivalent units of production	38000	32400
Cost per equivalent unit	4.75	7.50

Determine the total cost of ending work in process inventory andthe total cost of units transferred to the next process

Materials

Conversion

Total

Ending work in process inventory:

Equivalent units of production

Cost per equivalent unit

Cost of ending work in process inventory

Units completed and transferred out:

Units transferred to next department

Cost per equivalent unit

Costs of units completed & transferred out

Prepare a report that reconciles the total costs assigned to theending work in process inventory and the units transferred out withthe costs in beginning inventory and costs added during theperiod

Costs to be accounted for:

Cost of beginning work in process inventory

Costs added to production during the period

Total cost to be accounted for:

Costs accounted for as follows:

Cost of ending work in process inventory

Cost of units completed and transferred out

Total cost accounted for

I put my answers for part 1 and 2 please answers part 3and 4. Put your answers in the table please.

goldwolf947

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