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Piscataway Plastics Company

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Chp 4 -26;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.;Chp 4 - 27;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.;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.

 

Paper#81504 | Written in 18-Jul-2015

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