Exercise 3-12 Weighted average: Completing a process cost summary LO C3 The foll

Question

Exercise 3-12 Weighted average: Completing a process cost summary LO C3 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 Materials Conversion 40,500 4,200 40,500 2,520 Units of ending work in process Equivalent units of production 44,700 43,020 Direct Materials Conversion Costs per EUP Costs of beginning work in process Costs incurred this period $ 26,200 $3,045 224,961 644,300 Total costs $ 670,500 228,006 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out40,500 Units in ending work in process 3,700 41,000 4,200 Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

Explanation / Answer

1 Units material Conversion Total Beginning WIP, Conversion 20% complete 3700 7.08 4.11 26200 3045 29245 Material Introduced 41000 15.71 644300 644300 Conversion 224961 224961 44700 670500 228006 898506 Units Completed-new introduced 36800 15.71 5.32 578298.537 195803.3302 774101.9 Beginning WIP 20%-already completed 3700 7.08 4.11 26200 3045 29245 Beginning WIP 80%-completed during July 5.32 0 15749.3983 15749.4 Closing WIP, 60% completed to conversion 4200 15.71 5.32 66001.4634 13408.27152 79409.73 44700 670500 228006 898506 % Completed Equivalent Units total conversion cost conversion cost/unit Units new introduced and completed 36800 100 36800 Beginning WIP 80%-completed during month 3700 80 2960 Closing WIP 4200 60% 2520 224961/42280 44700 42280 224961 5.320742668

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