Question

Ch 03 Ex 3-12 Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. points eBook Hint Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials 35,000 EUP 2,500 EUP 37,500 EUP Conversion 35,000 EUP 1,500 EUP 36,500 EUP Ask Print References Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials $ 18,450 394,050 $ 412,500 Conversion $ 2,280 205,770 $ 208,050 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 2,000 35,500 35,000 2,500 Prepare its process cost summary using the weighted average method. (Round "Cost per EUP" to 2 decimal places.)

Answer 1

Costs charged to Production:
Costs of beginning work in process	20730
Costs incurred this period	599820
Total costs to account for	620550
Total costs accounted for	620550
Difference due to rounding cost/unit	0
Unit reconciliation
Units to account for
Beginning work in process inventory	2000
Units started this period	35500
Total units to account for	37500
Total units accounted for
Units completed and transferred out	35000
Ending work in process	2500
Total units accounted for	37500
Equivalent units of production (EUP)- weighted average method
	Units	%Materials	EUP-Materials	%Conversion	EUP-Conversion
Units completed and transferred out	35000	100%	35000	100%	35000
Ending work in process	2500	100%	2500	60%	1500
Equivalent units of production	37500		37500		36500
Cost per EUP			Materials		Conversion
Cost of beginning work in process			18450		2280
Costs incurred this period			394050		205770
Total costs		Costs	412500	Costs	208050
÷ Equivalent units of production		EUP	37500	EUP	36500
Cost per equivalent unit of production			11.00		5.70
Cost Assignment and Reconciliation:
Cost of units transferred out	EUP	Cost per EUP	Total cost
Direct materials	35000	11.00	385000
Conversion	35000	5.70	199500
Total cost transferred out				584500
	EUP	Cost per EUP	Total cost
Cost of ending work in Process
Direct materials	2500	11.00	27500
Conversion	1500	5.70	8550
Total Cost of ending work in Process				36050
Total cost accounted for				620550