Required Informatlon The following Information applies to the questions displaye
ID: 2330992 • Letter: R
Question
Required Informatlon 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 Direct Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Materials Conversion 35,000 EUP 35,000 EUP 2,500 EUP 1,500 EUP 37,500 EUP 36,500 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Materials Conversion $ 18,450 2,280 394,050 205,77 $ 412,500 208,050 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 2,000 35,500 35,000 2, 500 Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 declmal places.)Explanation / Answer
Answers
Costs Charged to Production:
Cost of beginning WIP
$ 20,730.00
Costs incurred this period
$ 599,820.00
Total Cost to account for
$ 620,550.00
Total costs accounted for
$ 620,550.00
Difference due to rounding cost/unit
$ -
Units Reconciliation
Units to account for:
Beginning WIP
2,000
Units started this period
35,500
Total Units to account for
37,500
Total Units accounted for:
Completed & Transferred out
35,000
Ending WIP
2,500
Total Units accounted for
37,500
EUP - FIFO Method
Units
% Material
EUP Materials
% Conversion
EUP - Conversion
Units of ENDING WIP
2,500
100%
2,500
60%
1,500
Units STARTED & COMPLETED
33,000
100%
33,000
100%
33,000
Units of beginning WIP
2,000
0%
-
80%
1,600
Equivalent Units of Production
35,500
36,100
COST per EUP
Material
Conversion
Cost incurred this period
$ 394,050.00
$ 205,770.00
Total Costs
Costs
$ 394,050.00
Costs
$ 205,770.00
Equivalent units of production
EUP
35,500
EUP
36,100
Cost per EUP
$ 11.10
$ 5.70
COST ASSIGNMENT & RECONCILIATION
Cost Transferred out:
EUP
Cost per EUP
Total Cost
Cost of Beginning WIP
$ 20,730.00
Cost to complete beginning WIP-
- Direct Materials
-
$ 11.10
$ -
- Conversion
1,600
$ 5.70
$ 9,120.00
Total cost to complete beginning WIP
$ 29,850.00
Cost of Units started & completed this period:
EUP
Cost per EUP
Total Cost
- Direct Materials
33,000
$ 11.10
$ 366,300.00
- Conversion
33,000
$ 5.70
$ 188,100.00
Total costs started & Completed this period
$ 554,400.00
Total cost of work finished this period
$ 584,250.00
Costs of Ending WIP:
EUP
Cost per EUP
Total Cost
- Direct Materials
2,500
$ 11.10
$ 27,750.00
- Conversion
1,500
$ 5.70
$ 8,550.00
Total cost of ending WIP
$ 36,300.00
Total costs accounted for
$ 620,550.00
Costs Charged to Production:
Cost of beginning WIP
$ 20,730.00
Costs incurred this period
$ 599,820.00
Total Cost to account for
$ 620,550.00
Total costs accounted for
$ 620,550.00
Difference due to rounding cost/unit
$ -
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