ADMS 2510 Study Guide - Quiz Guide: Usb Flash Drive, Finished Good, Sunk Costs

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lilacwildebeest295

1 Feb 2018

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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Exercise 2-9 (30 minutes: a. usb flash drives purchased. Cost in raw materials inventory at may 31 b. usb flash drives used in production (19,500 500) Units completed and transferred to finished goods (95% 19,000) Units still in work in process at may 31. Cost in work in process inventory at may 31: units completed and transferred to finished goods (above) Units sold during the month (80% 18,050) Units still in finished goods at may 31. Cost in finished goods inventory at may 31 d. units sold during the month (above) Cost in cost of goods sold at may 31: usb flash drives used in advertising. Note: the ,000 above reconciles to the total amount spent on the flash drives on may 1: $ 40,000: direct materials: ,000 10,000 units = . 30 per unit. Depreciation: ,000 10,000 units = . 20 per unit: direct materials: Total cost: 15,000 units . 30 per unit = ,500.

Related Questions

The following information concerns production in the Baking Department for May. All direct materials are placed in process at the beginning of production.

ACCOUNT Work in ProcessâBaking Department					ACCOUNT NO.
Date		Item	Debit	Credit	Balance
Date		Item	Debit	Credit	Debit	Credit
May.	1	Bal., 8,100 units, 1/3 completed			14,040
	31	Direct materials, 145,800 units	189,540		203,580
	31	Direct labor	57,580		261,160
	31	Factory overhead	32,384		293,544
	31	Goods finished, 147,600 units		282,330	11,214
	31	Bal. ? units, 4/5 completed			11,214

a. Determine the number of units in work in process inventory at the end of the month.
units

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How many units were in process during the period? How many units were completed during the period?

Learning Objective 2.

b. Determine the equivalent units of production for direct materials and conversion costs in May. If an amount is zero, enter in "0".

Baking Department
Equivalent Units of Production for Direct Materials and Conversion Costs
For May
	Whole Units	Equivalent Units Direct Materials	Equivalent Units Conversion
Inventory in process, May 1
Started and completed in May
Transferred to finished goods in May
Inventory in process, May 31
Total

greendolphin565

3.Morrow Corporation had only one job in process during MayâJob X32Zâand had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below:

	Job X32Z
Beginning balance	$	7,400
Charged to the job during May
Direct materials	$	13,000
Direct labor	$	5,100
Manufacturing overhead applied	$	6,700
Units completed		280
Units in process at the end of May		0
Units sold during May		130

In May, overhead was overapplied by $480. The company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied.

Required:

1. Using the direct method, what is the cost of goods sold for May?

Cosy of Good sold:______

2. What is the total value of the finished goods inventory at the end of May?

totsl cost of ending finished good inventor:_______

3. What is the total value of the work in process inventory at the end of May?

Ending work in process inventory:______

magentahare115

Assignment: 20-3 Homework - Exercise 20-7(Algorithmic)

Equivalent Units of Production - The following information concerns production inthe Baking Department for May. All direct materials are placed inprocess at the beginning of production.

ACCOUNTWork in ProcessâBaking Department					ACCOUNTNO.
Date		Item	Debit	Credit	Balance
Date		Item	Debit	Credit	Debit	Credit
May.	1	Bal., 5,400 units, 2/3completed			6,480
	31	Direct materials, 97,200 units	174,960		181,440
	31	Direct labor	49,830		231,270
	31	Factory overhead	28,026		259,296
	31	Goods finished, 98,400 units		249,720	9,576
	31	Bal. ? units, 3/5 completed			9,576

A. Determine the number of units in work in processinventory at the end of the month.

________________ units

B. Determine the equivalent units of production fordirect materials and conversion costs in May. If an amount is zero,enter in "0".

Baking Department

Equivalent Units of Production for Direct Materials andConversion Costs

For May

Whole Units

Equivalent Units Direct Materials

Equivalent Units Conversion

Inventory in process, May 1

Started and completed in May

Transferred to finished goods in May

Inventory in process, May 31

Total

olivecamel422

ADMS 2510 Study Guide - Quiz Guide: Usb Flash Drive, Finished Good, Sunk Costs

ADMS 2510 Full Course Notes

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