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Category > Accounting Posted 08 Aug 2017 My Price 13.00

Straightforward Weighted

Complete problems 4-26 and 4-27 in the textbook.

Prepare your responses in Excel with each problem on a separate tab

 

Problem 4–26

 

Straightforward Weighted-

 

Average Process Costing,

 

Step-by-Step Approach

 

Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the

 

automobile industry. The following data have been compiled for the month of June. Conversion activity

 

occurs uniformly throughout the production process.

 

Work in process, June 1—50,000 units:

 

Direct material: 100% complete cost of ......................................................................................................... $120,000

 

Conversion: 40% complete, cost of ............................................................................................................... 34,400

 

Balance in work in process, June 1 ........................................................................................................... $154,400

 

Units started during June .................................................................................................................................. 200,000

 

Units completed during June and transferred out to finished-goods inventory ...................................................... 190,000

 

Work in process, June 30:

 

Direct material: 100% complete

 

Conversion: 60% complete

 

Costs incurred during June:

 

Direct material ............................................................................................................................................. $492,500

 

Conversion costs:

 

Direct labor ............................................................................................................................................. $ 87,450

 

Applied manufacturing overhead ............................................................................................................... 262,350

 

Total conversion costs .............................................................................................................................. $349,800

 

 

Required:Prepare schedules to accomplish each of the following process-costing steps for the month

 

of June. Use the weighted-average method of process costing.

 

 

1.Analysis of physical flow of units.

 

2.Calculation of equivalent units.

 

3.Computation of unit costs.

 

4.Analysis of total costs.

 

Problem 4–27

 

Missing Data; Production

 

Report; Weighted-Average

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 .................................................................................................................................. 65,000

 

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 to 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 transfered out during July ...................................................................................... ?

 

Cost remaining in ending work-in-process inventory: direct 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.

 

¦Problem 4–26

 

Straightforward Weighted-

 

Average Process Costing,

 

Step-by-Step Approach

 

 

(LO 3, 4, 5)

 

2. Total equivalent units,

 

conversion: 226,000

 

¦Problem 4–27

 

Missing Data; Production

 

Report; Weighted-Average

 

 

(LO 4, 5, 6)

 

Cost remaining in ending

 

work-in-process inventory,

 

direct material: $123,750

 

Total cost of July 31 work in

 

process: $202,950

 

 

Chapter 4Process Costing and Hybrid Product-Costing Systems159

 

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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Maurice Tutor
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Status NEW Posted 08 Aug 2017 09:08 PM My Price 13.00

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