PROBLEM 1

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.

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