Question

Required information 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 Direct Materials conversion Equivalent units of production Units transferred out units of ending work in process Equivalent units of production 10 EP 000 FUD 4. 000 EUP 2.400 EUR 18,000 EUP 45, 400 EUR Direct Materials Conversion $ 40, 3525 5250 Costs per EUP Costs of beginning work in process Costs incurred this period Total costs 5614.400 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 Prepare its process cost summary using the weighted average method (Round "Cost per EUP" to 2 decimal places.)

Answer 1

Total costs to account for:
Costs of beginning work in process	45600
Costs incurred this period	916800
Total costs to account for	962400
Total costs accounted for	962400
Difference due to rounding cost/unit	0
Unit reconciliation:
Units to account for:
Beginning work in process inventory	3500
Units started this period	44500
Total units to account for	48000
Total units accounted for:
Units completed and transferred out	44000
Ending work in process	4000
Total units accounted for	48000
Equivalent units of production (EUP)- weighted average method
	Units	%Materials	EUP-Materials	%Conversion	EUP-Conversion
Units completed and transferred out	44000	100%	44000	100%	44000
Ending work in process	4000	100%	4000	60%	2400
Total units	48000		48000		46400
Cost per EUP			Materials		Conversion
Cost of beginning work in process			40350		5250
Costs incurred this period			574050		342750
Total costs		Costs	614400	Costs	348000
÷ Equivalent units of production		EUP	48000	EUP	46400
Cost per equivalent unit of production			12.80		7.50
Cost Assignment and reconciliation
Cost of units transferred out	EUP	Cost per EUP	Total cost
Direct materials	44000	12.80	563200
Conversion	44000	7.50	330000
Total cost transferred out				893200
	EUP	Cost per EUP	Total cost
Cost of ending work in Process
Direct materials	4000	12.80	51200
Conversion	2400	7.50	18000
Total Cost of ending work in Process				69200
Total cost accounted for				962400