The following relate to the Coating Department of Fantastic Plastics Ltd for July:

Additional information:

■ Direct material is added at the beginning of the production process, and conversion occurs uniformly throughout the process.

■ Fantastic 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:
Calculate the missing amounts (marked 7) and prepare the July production report for the Coating Department.

Transcribed Image Text:

Unit data Work in process, 1 July (in units) Units started during July ? Total units to account for 70 000 Units completed and transferred out during July 50 000 Work in process, 31 July (in units) 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 Cost of goods 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