Question

Required information Use the following information for the Exercises below The following information applies to the questions displayed below.j 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 Direct Equivalent Units of Production Units transferred out Units of ending work in procesS Equivalent units of production Conversion 32, 500 EUP 1,800 EUP 34, 300 EUP Materials 32, 500 EUP 3,000 EUP 35,500 EUP Direct Materials Conversion Costs per EUP costs of beginning work in process Costs incurred this period Total costs $. 2,680 175,766 $ 372,750 $178,368 22,950 349, 800 Units in beginning work in process (all completed during July) 2, 500 Units started this period Units completed and transferred out Units in ending work in process 33,000 32,500 3,000
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Answer 1

Cost Charged to Production Cost of beginning goods in process (22,950 2,600) Cost Incurred this period (349,800 +175,760 Total Costs to account for Total Costs accounted for $25,550.0 525,560 S 551,110 S 551,110 Difference due to rounding cost/unit Unit Reconciliation Units to account for: Beginning goods in process Units started this period Total units to account for Total units accounted for Completed and transferred out Ending goods in process Total units accounted for 2,500 33,000 35,500 32,500 3,000 35,500

Equivalent Units for Production (EUP), FIFO Method Units Units of beginning work in process Units started and completed (32,500 -2,500 Units of ending work in process Equivalent units of production Cost per EUP Cost Incurred this period Total Costs % Materials EUP-Materials % Conversion | EUP-Conversion 2,000 30,000 1,800 33,800 2,500 30,000 3,000 35,500 0% 100% 100% 30,000 3,000 33,000 80% 100% 60% Materials $349,800 S349,800 Costs Conversion 175,760 175,760 33,800 5.20 Costs Equivalent units of production Cost per EUP (rounded to 2 decimals) Cost assignment and reconciliation 33,000 10.60 Cost per EUP Cost transferred out Cost of beginning work in process Cost to complete beginning work in process Materials Conversion Total cost to complete beginning work in process Cost of units started and completed this period Materials Conversion Total Cost and started and completed this period Total cost of work finished this period (35,950 +474,000 Cost of Ending work in p Materials Conversion Total Cost of ending work in process Total Cost accounted for (505,95041,160) EUP Total Cost $25,550 2,000 $ 5.20 10,400 10,400 $ 35,950 30,000 $ 10.60 30,000 5.20 318,000 156,000 474,000 $509,950 rocess 3,000 10.60 1,800 5.20 31,800 9,360 41,160 $ 551,110