The following partially completed process cost summary describes the July produo

Question

The following partially completed process cost summary describes the July produot Company. Its production output is sent to its warehouse for shipping. All direct act products when processing begins. Beginning workin proces inventory is 20% materials are o A a conversion. Prepare its process cost summary using the weighted-average metho ly production activities of A direct materials are is 20% complete with respect to als are added Direct Materials Conversion Equivalent Units of Production 2.000 EUP 32,000 EUP 2,500 EUP ,500 EUP Units of ending work in process Equivalent units of production Equivalent units of production34.500 EUP 33,500 FL ID Costs per EUP Costs of beginning work in process 18,550 2280 34.500 EUP Direct Conversion Materials Conversion 88,670 $190,950 Costs incurred this period ....357.500 Units in beginning work in process (all completed during July) Units completed and transferred out . . . . . . $376,050 32,000 2.500 Units in ending work in process

Explanation / Answer

% Materials EUP- Materials % Conversion EUP- Conversion Units completed and transferred out 32000 100% 32000 100% 32000 Units of ending goods in process 2500 100% 2500 60% 1500 Equivalent units of production 34500 34500 33500 Cost of beginning goods in process Cost of beginning WIP 18550 2280 Cost Incurred this period 357500 188670 Total Cost 376050 190950 Cost per equivalent unit of production 10.9 5.7 Costs transferred out EUP Cost per EUP Total cost Direct materials 32000 10.9 348800 Conversion 32000 5.7 182400 Total transferred out 531200 Costs of ending goods in process Direct materials 2500 10.9 27250 Factory overhead 1500 5.7 8550 Value Of ending WIP 35800 Total costs accounted for 567000

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