Question

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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. poed Equivalent Units of Production Units transferred out Units of ending work in Direct Conversion Materials 32,000 EUP 32,000 EUP ook 1,500 EUP 2,500 EUP process Equivalent units of production 34,500 EUP 33,500 EUP Eint rint Direct Materials Conversion Costs per EUP Costs of beginning work in process Costs incurred this period $ 18,550 2,280 rences 357,500 188,670 $190,950 $376,050 Total costs Units in beginning work in process (all completed during July) Units started this period Units completed and trans ferred out Units in ending work in procesS 2,000 32,500 32,000 2,500

Answer 1

1)	Costs charged to production:
	Beginning work in process costs			$           20,830
	Costs added during the current period			$       5,46,170
	Total costs to account for			$       5,67,000
	Total costs accounted for			$       5,67,000
	Difference due to rounding cost/unit			0
2)	Unit reconciliation:
	Units to account for:
	Beginning work in process			2,000
	Units started this period			32,500
	Total units to account for			34,500
	Total units accounted for:
	Units completed and transferred out			32,000
	Units in ending work in process			2,500
	Total units accounted for			34,500
3)	Equivalent units of Production (EUP)-Weighted average Method
			Units	% Materials	EUP-Materials	% Conversion	EUP-Conversion
	Units completed		32,000	100%	32,000	100%	32,000
	Units in ending work in process		2,500	100%	2,500	60%	1,500
	Total		34,500		34,500		33,500
4)	Cost per equivalent unit of production
				Materials		Conversion
	Beginning inventory			$           18,550		$                2,280
	Cost added in November			$       3,57,500		$          1,88,670
	Total costs			$       3,76,050		$          1,90,950
	/ Equivalent units of production			34,500		33,500
	Cost per equivalent unit of production			$             10.90		$                  5.70
5)
	Cost of units transferred out:			EUP	Cost per EUP	Total cost
	Direct materials			32,000	$    10.90	$          3,48,800
	Conversion			32,000	$       5.70	$          1,82,400
	Total cost transferred out						$   5,31,200
	Cost of ending work in process:
	Direct materials			2,500	$    10.90	$             27,250
	Conversion			1,500	$       5.70	$                8,550
	Total cost of ending work in process						$       35,800
	Total cost accounted for						$   5,67,000