Question: The following data pertain to the Vesuvius Tile Company for July. Work In process, July 1 (in units) .................................................................. 20,000 Units started during July .........................................................................................
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 .............................................................................. 65000
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 tc 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 transferred out during July ............................. ?
Cost remaining in ending work-in-process inventory: died 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’s July production report.
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