The tollowing parey completed pro2ess cos: summary descres the July produzions o

Question

The tollowing parey completed pro2ess cos: summary descres the July produzions of Ashad Company. 3 production ouput s s2 50 s warehouse for shippng Al dre maters's are sdded to produzs when processing begrs. Bgining work In process Inventory s 209, cor piece with respect to conversion. Uhis of end ng work in process 4800 Equivelent unis of produztlon 48.300 Dinect Coss per EUP of beginning work In Coss naumed nis parlad procss 523.900 3.315 70 327 73.642 569940 Uhis in beg nirg work ln process all completed during Juty Uhisstered s perlod compleced and tarstemed o out 43500 Uhis in ending work in procss Prepare is procss cos: summary using the weghtad-average method. (Round "Cost per EUP to 2 deolmal places merence due to roudng costumit units oo account for unis accounted for Units Materials Materials Equivalentunis of produzlon dos: per equivelent uni: of production Cost per Total ost ers'emed ou Total trerstemed ou pTotal oost of end ng work Iin process Toral endng work Ih prozesS coss scounced tor

Explanation / Answer

The completed process cost summary using weighted- average method is as follows:

The completed process cost summary using weighted- average method is as follows:

Process Cost Summary For the Month Ended July 31 Costs Charged to production Costs of beginning goods in process Direct materials 28900 Conversion 3316 32216 Costs incurred this period Direct materials 541040 Conversion 270327 811367 Total costs to account for 843583 Total costs accounted for 843583 Difference due to rounding cost/unit $                                               -   Unit Reconciliation Units to account for Beginning goods in process 4300 Units started this period 44000 Total units to account for 48300 Units accounted for Units completed and transferred out 43500 Ending goods in process 4800 Total units accounted for 48300 Equivalent units of production (EUP) - Weighted Average Method Direct materials % EUP materials Conversion Conversion-EUP Units completed and transferred out 43500 100% 43500 43500 100% 43500 Units of ending goods in process 4800 100% 4800 4800 60% 2880 Equivalent units of production 48300 100% 48300 48300 46380 Cost per EUP Direct materials Conversion Cost of beginning goods in process 28900 3316 Costs incurred this period 541040 270327 Total costs (a) Costs 569940 Costs 273643 Equivalent units of production (b) EUP 48300 EUP 46380 Cost per equivalent unit of production (a/b) 11.80 5.90 Cost Assignment and Reconciliation Costs of units transferred out EUP (a) Cost per EUP (b) Total cost (a x b) Direct materials 43500 11.80 513300 Conversion 43500 5.90 256650.9379 Total costs of units transferred out 769950.9379 Costs of ending goods in process EUP (a) Cost per EUP (b) Total cost (a x b) Direct materials 4800 11.8 56640 Conversion 2880 5.9 16992 Total costs of ending goods in process 73632 Total cost accounted for 843582.9379

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