Managerial Accounting
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.