Question

Required information [The following information applies to the questions displayed below.] points 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. eBook Direct Materials Conversion Hint Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production 35,500 EUP 35,500 EUP 3,000 EUP 1,800 EUP 38,500 EUP 37,300 EUP Print Direct Materials $ 24,150 403,200 $427,350 Costs per EUP Costs of beginning work in process Costs incurred this period Total costs References Conversion $ 2,900 213,440 $216,340 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 36,000 35,500 3,000 Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

Answer 1

Solution:

AR SK $27,050 $616,640 $643,690 $643,690 FIFO Total costs to account for 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: 38500 AAENNEBUEUELLO 35500 3000 Units Completed and transferre out Units in ending work in process Total Units accounted for Equivalent units of production (EUP) - FIFO method 38500 0% Units % Material EUP-Material Conversion EUP- Conversion 2500 80% 2000 33000 100% 33000 100% 33000 3000 100% 3000 60% 1800 36000 36800 Material Conversion Costs $403,200 costs $213,440 36000 EUP 36800 $11.20 $5.80 $27,050 Beginning units completed this period Units Started and Completed units of Ending work in process Equivalent units of production 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 EUP Cost per EUP Total Cost 0 $11.20 2000 $5.80 $11,600 $11,600 $38,650 EUP 33000 33000 Cost per EUP Total Cost $11.20 $369,600 $5.80 $191,400 $561,000 $599,650 EUP Cost per EUP Total Cost 3000 $11.20 $33,600 1800 $5.80 $10,440 $44,040 $643,690 Waaaaaaaaaaaaaa Sheet146 (9) Sheet567 Sheet194 (5) Sheet568 She