Question

The following partially completed process cost summary describes the July production activites 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.

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. Direct Materials 38,500 EUP 3,000 EUP Conversion Equivalent Units of Production Units transferred out Units of ending work in process 38,500 EUP 1,800 EUP Equivalent units of production 41,500 EUP 40, 300 EUP Direct Materials $ 25,35e 460, 200 $ 485,550 Costs per EUP Costs of beginning work in process Costs incurred this period Conversion es %24 3,200 254,720 Total costs $ 257,920 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 2,500 39,000 38,500 3,000 Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Costs Charged to Production Costs of beginning work in process Costs incured this period Total costs to account for 0.00 Total costs accounted for "Difference due to rounding costunit 0.00 Unit Reconciliation Units to account for Beginning work in process ( Prav

Answer 1

Cost Charged to Production
Cost of Beginning goods in the process ($25350+$3200)	$28,550
Costs incurred this period ($460200+$254720)	$714,920
Total Cost to account for	$743,470
Total cost account for	$473,470
Difference due to rounding cost/unit	$0
Units reconciliation
Units to account for
Beginning goods in process	2500
Units started this period	39000
Total units to account for	41500
Total units accounted for
Completed and transferred out	38500
Ending goods in process	3000
Total units accounted for	41500

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Equivalent units of production:- Weighted Average Method: Units completed and transferred out Units ofending goods in process Equivalent units ofproduction Units 38500 3000 41500 %Materials EUP:-Materials 100% 38500 100% 3000 Converion EUP- Convestion Cost cost 100% 38500 60% 1800 40300 Cost per EUP Cost of begitring goods in process Cost inarred this period Total costs Materials $25,350 $460,200 $485,550 Conversion cost $3,200 $254.720 $257,920 costs Costs EUP EUP Equivalent units of production Cost per equivalent unit of production 41500 $11.70 40300 $6.40

  

EUP | 38500 38500 Cost per EUP $11.70 $6.40 Cost Assignment and Reconciliation Cost transferred out Direct materials Conversion cost Total transferred out Costs of ending goods in process Direct materials Conversion cost Total transferred out TotalEnding goods in process Total Cost $450,450 $246,400 $696,850 Total Cost $35.100 $696,850 EUP 3000 1800 Cost per EUP $11.70 $6.40 $46,620 $46,620 $743,470