Question

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.

EUP	Direct materials	Conversion
Units transferred out	40,500	40,500
Units of ending WIP	2,500	2,500
equivalent units of production	43,000	42,000

Costs per EUP	Direct Materials	Conversion
costs of beginning WIP	20,100	2,720
costs incurred this period	500,200	282,880
Total Costs	520,300	285,600

Units in beginning WIP (all completed during July)	2,000
Units started this period	41,000
Units completed and transferred out	40,500
Units in ending WIP	2,500

Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

Answer 1

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