Question
The following data pertain to the Vesuvius Tile Company for July.Work in process, July 1 (in units) .......................................................................................................................20,000Units started during July ...................................................................................................................................?Total units to account
The following data pertain to the Vesuvius Tile Company for July.Work in process, July 1 (in units) .......................................................................................................................20,000Units started during July ...................................................................................................................................?Total units to account for ..................................................................................................................................65,000Units completed and transferred out during July ................................................................................................?Work in process, July 31 (in units) .....................................................................................................................15,000Total equivalent units: direct material .................................................................................................................65,000Total equivalent units: conversion ......................................................................................................................?Work in process, July 1: direct material .............................................................................................................$164,400Work in process, July 1: conversion ...................................................................................................................?Costs incurred during July: direct material .........................................................................................................?Costs incurred during July: conversion ..............................................................................................................659,400Work in process, July 1: total cost .....................................................................................................................244,200Total costs incurred during July .........................................................................................................................1,031,250Total costs to account for ..................................................................................................................................1,275,450Cost per equivalent unit: direct material .............................................................................................................8.25Cost per equivalent unit: conversion ..................................................................................................................?Total cost per equivalent unit ............................................................................................................................21.45Cost 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 .........................................................................79,200Total cost of July 31 work in process .................................................................................................................202,950Additional 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.
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 firms July production report.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started