Question

HUI M E 'S TUUSUIS URSyeu 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. Equivalent units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials 44,000 FUP 4.000 TLP 4.000 FUP Conversion 44.00 EUP 2.409 CUP 46,400 EUP Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials Conversion $ 40,350 $ 5,25 1574,050 342,750 $614, 400 5348,000 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 3.500 44.500 44,000 4,000

Answer 1

Solution:

AR УИ $45,600 $916,800 $962,400 5962,400 FIFO Cost Charged to production Total Cost of Beginning Work in process Total Costs incurred this period Total Cost to account for Total Cost Accounted for Difference due to rounding cost/unit Unit Reconciliation Units to account for: Units in Beginning work in process Units Started this period Total Units to account for Total units Accounted for: $0 12 3500 48000 Units Completed and transferre out Unitsin ending work in process Total Units accounted for Equivalent units of production (EUP) - FIFO method 44000 4000 48000 Units 3500 40500 4000 %Material 0% 100% 100% EUP-Material % Conversion | EUP- Conversion 0 80% 2800 40500 100% 40500 4000 60% 2400 44500 45700 Material Conversion $574,050 Costs $342,750 44500 EUP 45700 $12.90 $7.50 Costs EUP 28 $45,600 32 Total Cost 33 0 Beginning units completed this period (A) Units Started and Completed (44000-3500) (B) units of Ending work in process (D) Equivalent units of production (C+D) Cost per EUP Costs incurred this period (Total Costs) Equivalent units of Production Cost per Equivalent unit of Production Cost Assignment and Reconciliation Beginning Inventory Cost: Cost to Complete Beginning Inventory Direct materials Conversion Total Cost to complete Beginning Inventory Total Costs of units in Beginning Inventory Cost of units started and completed Direct Material Conversion Total Cost of units started and completed Total cost of units transferred out Cost of ending work in process Direct Material Conversion Total Ending work in process Total Costs accounted for Cost per EUP $12.90 $7.50 2800 $21,000 $210001 36 $66,600 37 38 EUP 40500 40500 Cost per EUP $12.90 $7.50 Total Cost $522,450 $303,750 40 $826,2001 $892,800 42 43 EUP 4000 2400 Cost per EUP $12.90 $7.50 Total Cost $51,600 $18,000 THIS $69,600 $962,400 -49 (17) Sheet557 ) Sheet564 Sheet565 Sheet146 (9)