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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...