Chapter 3 6 Required information (The following information applies to the quest

Question

Chapter 3 6 Required information (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 Materials 36,880 EUP 3,580 EUP 39,500 EUP Conversion 36,800 EUP 2,180 EUP valent Units of Produc Units transferred out Units of ending work in process Equivalent units of production 38,180 EUP Direct Costs of beginning work in process Costs incurred this period Total costs Materials Conversion 29,950 3,548 412,458 221,258 $442 ,4 $224,798 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 36,5ee 36,800 3,500

Explanation / Answer

Equivalent unit of production Units % Material EUP Material % Conversion EUP conversion Units transferred out 36000 100% 36000 100% 36000 Units in Ending WIP 3500 100% 3500 60% 2100 Equivalent units of Production 39500 39500 38100 Cost per EUP Material Conversion Cost of Beginning WIP 29950 3540 Current cost incurred 412450 221250 Total cost 442400 224790 Equivalent units 39500 38100 Cost per EUP 11.2 5.9 Cost assignment and reconciliation: Eup Cost PU Total Cost transferred out: Material 36000 11.2 403200 Conversion 36000 5.9 212400 Total transferred out 615600 Cost of Ending WIP: Material 3500 11.2 39200 Converrsion 2100 5.9 12390 Total Ending WIP 51590 Total cost accounted for: 667190 Cost charged to production: Beginning WIP 33490 Current cost incurred 633700 Total cost to account for 667190 Total cost accounted for 667190 Difference 0 Unit reconciliation: Units to account for: Beginning WIP 3000 Units started in process 36500 Total units to account for: 39500 Total units accounted for: Units transferred out 36000 Ending WIP 3500 Total units accounted for: 39500

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