The following partially completed process cost summary describes the July produc
ID: 2567654 • Letter: T
Question
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. Ending work in process inventory is 60% complete with respect to conversion.
Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)
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. Ending work in process inventory is 60% complete with respect to conversion.
Equivalent Units of Production Direct Materials Conversion Units transferred out 42,000 42,000 Units of ending work in process 4,500 2,700 Equivalent units of production 46,500 44,700 Costs per EUP Direct Materials Conversion Costs of beginning work in process $ 27,550 $ 3,180 Costs incurred this period 604,850 265,020 Total costs $ 632,400 $ 268,200 Units in beginning work in process(all completed during July) 4,000 Units started this period 42,500 Units completed and transferred out 42,000 Units in ending work in process 4,500
Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)
Costs Charged to Production > > > > Total costs to account for Total costs accounted for *Difference due to rounding cost/unit Unit Reconciliation Units to account for > > > > Total units to account for Total units accounted for > > > > Total units accounted for Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials EUP—Materials % Conversion EUP—Conversion > > > > > > > > > > > > Equivalent units of production Cost per EUP Materials Conversion > > > > > > > > > > > > Total costs Costs Costs ÷ Equivalent units of production EUP > EUP > Cost per equivalent unit of production Cost Assignment and Reconciliation Costs transferred out EUP Cost per EUP Total cost Direct materials > > Conversion > > Total transferred out > > Costs of ending work in process EUP Cost per EUP Total cost Direct materials > Conversion > Total ending work in process Total costs accounted forExplanation / Answer
Costs charged to production total costs to account for 900,600 total cost accouted for 900,600 Difference due to rounding cost/unit 0 Unit Reconciliation units to account for beginning work in process 4,000 started during the year 42,500 total units to account for 46,500 total units accounted for Completed & transferred 42,000 Ending work in process 4,500 total units accounted for 46,500 Equivalent units of production units % EUP- % EUP- materials materials conversion conversion Completed &transferred 42,000 100% 42,000 100% 42,000 ending work in process 4,500 100% 4,500 60% 2,700 Equivalent units of production 46,500 46,500 44,700 cost per unit Beginning work in process 27,550 3,180 cost added during the year 604,850 265,020 total costs 632,400 268,200 divided by EUP 46,500 44,700 cost per equivalent unit of prod 13.6 6 Cost assignment and Reconciliation cost total costs transferred out EUP per unit cost Direct materials 42,000 13.6 571200 Conversion 42,000 6 252000 total transferred out 823200 cost of ending work in process EUP EUP total cost Direct materials 4,500 13.6 61200 Conversion 2,700 6 16200 total ending work in process 77400 total costs accounted for 900600
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