The following information applies to the questions displayed below.j The followi

Question

The following information applies to the questions displayed below.j 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 Conversion 36,500 EUP 2,400 EUP 38,900 EUP Materials 36,500 EUP 4,000 EUP 40, 500 EUP Direct Materials Conversion Costs per EUP Costs of beginning work in process $35,850 4,200 Costs incurred this period Total costs 421,800 229,20e $ 457,650 $233,406e Units in beginning work in process (all completed during July) 3,50e Units started this period Units completed and transferred out Units in ending work in process 37,000 36,500 4,000

Explanation / Answer

Costs Charged to Production Costs of beginning work in process 40050 Costs incurred this period 651000 Total costs to account for 691050 Total costs accounted for 691050 Difference due to rounding cost/unit 0 Unit reconciliation Units to account for Beginning work in process 3500 Units started this period 37000 Total units to account for 40500 Total units accounted for Units completed and transferred out 36500 Ending work in process 4000 Total units accounted for 40500 Equivalent Units of Production (EUP) - Weighted Average Method Units % Materials EUP-Materials % Conversion EUP-Conversion Units completed and transferred out 36500 100% 36500 100% 36500 Ending work in process 4000 100% 4000 60% 2400 Total units 40500 38900 Cost per EUP Materials Conversion Cost of beginning work in process 35850 4200 Costs incurred this period 421800 229200 Total costs Costs 457650 Costs 233400 ÷ Equivalent units of production EUP 40500 EUP 38900 Cost per equivalent unit of production 11.30 6.00 Cost Assignment and Reconciliation Cost transferred out EUP Cost per EUP Total cost Direct materials 36500 11.30 412450 Conversion 36500 6.00 219000 Total transferred out 631450 Costs of ending work in process EUP Cost per EUP Total cost Direct materials 4000 11.30 45200 Conversion 2400 6.00 14400 Total ending work in process 59600 Total costs accounted for 691050

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