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. Confirming Pages Chapter 4 Process Costing and Hybrid Product-Costing Systems 159 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. Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Production ReportFor the Month of MayPercentage of Completion with Respect to ConversionEquivalent UnitsPhysical UnitsDirect MaterialConversionWork in process, May 1 .......................................................25,00040%Units started during May ......................................................30,000Total units to account for .....................................................55,000Units completed and transferred out during May ...................35,00035,00035,000Work in process, May 31 .....................................................20,00080%20,00016,000Total units accounted for .....................................................55,000Direct MaterialConversionTotalWork in process, May 1 ..........................................................................$143,000$ 474,700$ 617,700Costs incurred during May ...................................................................... 165,000 2,009,000 2,174,000Total costs to account for ........................................................................$308,000$2,483,700$2,791,700 Required: 1. Complete each of the following process-costing steps using the weighted-average method: a. Calculation of equivalent units. b. Computation of unit costs. c. Analysis of total costs. 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 1—10,000 units: Direct material: 100% complete, cost of .........................................................................................................$ 22,000 Conversion: 20% complete, cost of ................................................................................................................ 4,500 Balance in work in process, April 1 .................................................................................................................$ 26,500Units started during April ...................................................................................................................................100,000Units completed during April and transferred out to finished-goods inventory ........................................................80,000Work in process, April 30: Direct material: 100% complete Conversion: 33% completeCosts incurred during April: Direct material ..............................................................................................................................................$198,000 Conversion costs: Direct labor ..............................................................................................................................................$ 52,800 Applied manufacturing overhead ................................................................................................................ 105,600 Total conversion costs ...............................................................................................................................$158,400 ¦ Problem 4–28 Partial Production Report; Journal Entries; Weighted-Average Method (LO 2, 3, 4, 5) 1(b). Cost per equivalent unit, direct material: $5.60 ¦ Problem 4–29 Straightforward Weighted-Average Process Costing; Step-by-Step Approach (LO 3, 4, 5) 2. Equivalent units, direct material: 110,000hiL10912_ch04_134-167.indd 1597/8/10 9:28 AM

 

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