Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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. $120,000 34,400 $154,400 200,000 190,000 Work in process, June 1-50,000 units: Direct material: 100% complete, cost of Conversioni 408 complete, cost of Balance in work in process, June 1 Units started during June Units completed during June and transferred out to finished-goods inventory Work in process, June 30: Direct material: 100% complete Conversion: 60% complete Costs incurred during June: Direct material Conversion costs: Direct labor Applied manufacturing overhead Total conversion costs $492,500 $ 87,450 262,350 $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. Required 1 Required 2 Required 3 Required 4 Analysis of physical flow of units Physical Units C 0 Total units to account for Total units accounted for Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Calculation of equivalent units. s Physical Units Equivalent Units Direct Conversion Material 0 Total units accounted for Total equivalent units 0 0 Required 1 Required 2 Required 3 Required 4 Computation of unit costs. (Round "Cost per equivalent unit" to 2 decimal places.) s Direct Material Conversion Total $ 0 0 0 0 $ 0 $ 0 0 Total costs to account for Equivalent units Costs per equivalent unit $ 0.00 Required 1 Required 2 Required 3 Required 4 es Analysis of total costs. (Round "Cost per equivalent unit" to 2 decimal places.) Number of Equivalent Units Cost per Equivalent Unit Total Cost Cost of goods completed and transferred out Direct material (Ending WIP Inventory) Conversion (Ending WIP Inventory) Total costs accounted for $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Information Systems For Accounting Students

Authors: Martin Quinn

1st Edition

0273773526, 9780273773528

More Books

Students also viewed these Accounting questions