Question

Helps Required information Use the following information for the Exercises below. (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 Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials conversion 38,000 EUP 38,000 EUP 2,500 EUP_ 1,500 EUP 40,500 EUP 39,500 EUP Coats per EUP Costs of beginning work in proces Costs incurred this period Total costs Direct Materiala $ 19,50 450, 450 $469,800 Conversion $ 2,520 246, 330 $ 248,850 Unita in beginning work in process (all completed during July) Units started this period Units completed and transferred out Unitsin ending work in process Exercise 16-12 Weighted average: Completing a process cost summary LO C3 Prev 1 of 1 !!! Next

Answer 1

Amount(s) 21,870 696,780 718,650 718,6501 | $ . Answer: 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 ccost/Unit Unit Reconciliation Units to account for Beginning work in process Units started this period Total units to account for Total units accounted for Completed and Transferred out Ending work in process Total units accounted for 2,000 38,500 40,500 38,000 2,500 40,500

Equivalent units of production (EUP)- weighted average method Units % Materials EUP-Materials % Conversion Units completed and transferred out 38,000 100% 38,000 100% Units of ending goods in process 2,500 100% 2,500 60% Equivalent units of production 40.500 40,500 Cost per EUP Materials Cost of beginning goods in process 19,350 Costs incurred this period 450,450 Total costs Costs 469,800 Costs |+ Equivalent units of production EUP 40500 EUP Cost per equivalent unit of production $ 11.60 Cost Assignment and Reconciliation Costs transferred out EUP Cost per EUP Total cost Direct materials 38,000 $11.601 440800 Conversion 38,000 $6.30 239400 Total transferred out $680,200.00 Costs of ending goods in process EUP Cost per EUP Total cost Direct materials 2,500 $11.60 29,000 Conversion 1,500 $6.30 9,450 Total ending goods in process 38,450.00 Total costs accounted for $718,650.00 EUP- Conversion 38,000 1,500 39,500 Conversion 2,520 246,330 248,850 39500 $ 6.30