Question

[The following Information applies to the questions displayed below.) The following partially completed process cost summary describes the July production activities of Ashad Company. Its production output is sent to its warehouse for shipping. All direct materials are added to products when processing begins. Beginning work in process Inventory is 20% complete with respect to conversion. Direct conversion Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Materials 36,500 EUP 4,eee EUP 40,500 EUP 36,500 EUP 2,400 EUP 38,900 EUP Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials $ 35,850 421,880 $ 457,650 Conversion $ 4,200 229,200 $ 233,480 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 37,000 36,500 4,000 Prepare its process cost summary using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) $ 40.050.00 651,000.00 $ 691,050.00 Costs Charged to Production Costs of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for *Difference due to rounding cost/unit Unit Reconciliation Units to account for $ 0.00 Total units to account for Total units accounted for EUP- Total units accounted for Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUP-Materials % Conversion Units completed and transferred out 36,500 100% 631,450 Units of ending work in process Equivalent units of production Cost per EUP Materials Conversion Costs Costs EUP EUP Cost per Total costs - Equivalent units of production Cost per equivalent unit of production Cost Assignment and Reconciliation Costs transferred out Direct materials Conversion Total transferred out Costs of ending work in process EUP EUP Total cost EUP Cost per Total cost 0.00 Direct materials Conversion $ $ 0.00

Answer 1

Answer

Total Cost to account for:
Cost of beginning WIP	$                      40,050.00
Costs incurred this period	$                    651,000.00
Total Cost to account for	$                    691,050.00
Total costs accounted for	$                    691,050.00
Difference due to rounding cost/unit	$                                      -
Units Reconciliation
Units to account for:
Beginning WIP	3,500
Units started this period	37,000
Total Units to account for	40,500
Total Units accounted for:
Completed & Transferred out	36,500
Ending WIP	4,000
Total Units accounted for	40,500

EUP - Weighted Average Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units TRANSFERRED	36,500	100%	36,500	100%	36,500
Units of ENDING WIP	4,000	100%	4,000	60%	2,400
Equivalent Units of Production			40,500		38,900
COST per EUP			Material		Conversion
Cost of Beginning WIP			$          35,850.00		$                                    4,200.00
Cost incurred during the period			$        421,800.00		$                                229,200.00
Total Costs		Costs	$        457,650.00	Costs	$                                233,400.00
Equivalent units of production		EUP	40,500	EUP	38,900
Cost per EUP			$            11.30000		$                                      6.00000
TOTAL COST ACCOUNTED FOR
Cost of Units Transferred Out	EUP	Cost per EUP	Total Cost
- Direct Materials	36,500	$                    11.30	$        412,450.00
- Conversion	36,500	$                      6.00	$        219,000.00
Total Cost transferred Out				$            631,450.00
Cost of ending WIP	EUP	Cost per EUP	Total Cost
- Direct Materials	4,000	$                    11.30	$          45,200.00
- Conversion	2,400	$                      6.00	$          14,400.00
Total cost of ending WIP				$              59,600.00
Total costs accounted for					$                                691,050.00