Plastics Company manufacturer

Assignment 4-26

Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion activity occurs uniformly throughout the production process.

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Work in process, June 1—50,000 units:

Direct material: 100% complete cost of …………………………………………………….$120,000                                  Conversion: 40% complete, cost of …………………………………………………………………….. 34,400      Balance in work in process, June 1…………………………………………………………………$154,400

 

Units started during June …………………………………………………………………………………….200,000

Units completed during June and transferred out to finished-goods inventory………………..190,000

Work in process, June 30:

Direct material: 100% complete

Conversion: 60% complete

Costs incurred during June:

Direct material………………………………………………………………………………………..$492,500

 

Conversion costs:

Direct labor……………………………………………………………………………………..$ 87,450 Applied manufacturing overhead………………………………………………………………….. 262,350 Total conversion costs………………………………………………………………………………..$349,800

 

Required:  Prepare schedules to accomplish each of the following process-costing steps for the month of June. Use the weighted-average method of process costing.

 

1. Analysis of physical flow of units.

2. Calculation of equivalent units.

3. Computation of unit costs.

4. Analysis of total costs.

 

 

 

 

Assignment 4-27

 

The following data pertain to the Vesuvius Tile Company for July.

Work in process, July 1 (in units)  …………………………………………………………………………..20,000

Units started during July        ……………………………………………………………………………………..?

Total units to account for…………………………………………………………………………………………65,000

Units completed and transferred out during July…………………………………………………………..?

Work in process, July 31 (in units)……………………………………………………………………………15,000

Total equivalent units: direct material……………………………………………………………………….65,000

Total equivalent units: conversion……………………………………………………………………………….?

Work in process, July 1: direct material………………………………………………………………..$164,400

Work in process, July 1: conversion…………………………………………………………………………….?

Costs incurred during July: direct material……………………………………………………………………?

Costs incurred during July: conversion…………………………………………………………………….659,400

Work in process, July 1: total cost…………………………………………………………………………..244,200

Total costs incurred during July………………………………………………………………………….1,031,250

Total costs to account for…………………………………………………………………………………..1,275,450

Cost per equivalent unit: direct material……………………………………………………………………….8.25

Cost per equivalent unit: conversion………………………………………………………………………………?

Total cost per equivalent unit…………………………………………………………………………………..21.45

Cost of goods completed and transfered out during July……………………………………………………?

Cost remaining in ending work-in-process inventory: direct material………………………………….?

Cost remaining in ending work-in-process inventory: conversion………………………………….79,200

Total cost of July 31 work in process………………………………………………………………………..202,950

 

Additional Information:

a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.

b. The company uses weighted-average process costing. Process Costing and Hybrid Product-Costing Systems 159

c. The July 1 work in process was 30 percent complete as to conversion.

d. The July 31 work in process was 40 percent complete as to conversion.

 

Required: Compute the missing amounts, and prepare the firm’s July production report.

 

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