Question

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Exercise 3-12 Weighted average: Completing a process cost summary LO C3 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 Equivalent Units of Production Units transferred out Units of ending work in process Direct Materials 39,500 4,000 Conversion 39.500 2.400 Equivalent units of production 43,500 41,900 Costs per EUP Costs of beginning work in process Costs incurred this period Direct Materials $ 25,300 609,800 Conversion $ 2.955 223,305 Total costs $ 635,100 $ 226,260 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 40,000 39,500 4,000

Answer 1

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Costs charged to production: Cost of Beginning work in process Cost incurred this period Total Cost to Account for $28,255 $833,105 $861,360 $861,360 Total costs accounted for Difference due to rounding cost/unit $0 Unit Reconciliation: Units to account for: Beginning WIP Inventory Units Started this period Total Units To Account for Total Units accounted for Units completed and transferred out Ending work in process Total Units Accounted for 3,500 40,000 43,500 39,500 4,000 43,500 Equivalent Units of Production - Weighted average method Units % Materials EUP % EUP Materials Conversion Conversion 39,500 4,000 43,500 100% 100% Units completed and transferred out Units in Ending WIP Inventory Equivalent units of production Cost per EUP Cost from Beginning WIP Inventory Current Period Costs Total cost Equivalent units of production Cost per equivalent unit of production 39,500 100% 4,000 25% 43,500 Materials $25,300 $609,800 $635,100 Costs 43,500 EUP $14.60 39,500 1,000 40,500 Conversion $2,955 $223,305 $226,260 A 40,500 B $5.59 A/B Costs EUP EUP Cost per EUP Total Cost 39,500 39,500 $14.60 $5.59 $576,700 $220,673 $797,373 Cost Assignment and Reconciliation Cost transferred out Direct Materials Conversion Total cost transferred out Costs of ending work in process Direct Materials Conversion Total ending work-in process Total costs accounted for EUP 4,000 1,000 Cost per EUP Total Cost $14.60 $58,400 $5.59 $5,587 $63,987 $861,360