Examlex
Reference: 04-12
GK Manufacturing had inventory at May 1 of 5,000 units which were 70% complete as to conversion costs. The
May 1 inventory had total costs of $ 69,900 which included $ 21,500 direct materials, $ 38,775 direct labour and
$ 9,625 factory overhead.
Costs added to work in process in May were as follows:
During May, 49,200 units were completed, including those in inventory on May 1. On May 30, the inventory of work in process consisted of 5,600 units which were 3/8 completed as to conversion costs. Inventories are costed by the first-in, first-out method and all materials are added at the beginning of the process.
-What amount below was the total cost of units completed during May closest to
Service Business
A type of business that provides intangible products or services to customers, rather than producing tangible goods.
Health Club
A facility that offers health and fitness services, including exercise equipment, fitness classes, and sometimes additional amenities like pools and spas.
Manufacturing Business
A company that produces goods using labor, equipment, and materials, often on a large scale.
Dressmaking Company
A business specializing in creating custom clothing and alterations.
Q5: <span class="ql-formula" data-value="\begin{array} { | l |
Q18: Opportunity costs are always recorded as expenses
Q19: The operating activities section of the cash
Q24: Average maintenance costs are $1.50 per machine-hour
Q33: Williams Company's direct labour cost is 25%
Q52: The cost of goods sold for the
Q65: The Northern Division of the Smith Company
Q71: The following data were taken from
Q79: What was the material cost per equivalent
Q105: Sunk costs are irrelevant in making decisions.