Question 4:

FIFO Production cost report- Manufacturer

The following data relate to the coating department of Ronald Plastics Ltd for July:

Unit data

Work in process, 1 July (in units) ?

Units started during July ?

Total units to account for ?

Units completed and transferred out during July 70 000

Work in process, 31 July (in units) 50 000

Total equivalent units: direct material ?

Total equivalent units: conversion ?

New equivalent units accomplished in July: direct material 80 000

New equivalent units accomplished in July: conversion ?

Cost data

Work in process, 1 July: direct material $608 000

Work in process, 1 July: conversion ?

Costs incurred during July: direct material 1 224 000

Costs incurred during July: conversion ?

Work in process, 1 July: total cost ?

Total costs incurred during July 2 986 800

Total costs to account for 3 866 800

Cost per equivalent unit: direct material ? Cost per equivalent unit: conversion ?

Total cost per equivalent unit ? Costs of good completed and transferred out during July ?

Cost remaining in ending work in process inventory:Direct material ?

Conversion ?

Total cost of 31 July work in process?

Additional information:

Direct material is added at the beginning of the production process, and conversion occurs uniformly throughout the process. Ronald Plastics uses FIFO process costing.

1 July work in process was 30 per cent complete as to conversion.

31 July work in process was 40 per cent complete as to conversion

Required:

1. Calculate the missing amounts.

2. Prepare the July production report for the coating department.