Chapter 20-Quiz He Required information 20 [The following information applies to

Question

Chapter 20-Quiz He Required information 20 [The following information applies to the questions displayed below. 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. Units transferred out Units of ending work in process Equivalent units of production Materials Conversion 36.500 EUP 36,50 EUP 4,800 EUP 2,480 EUP 00 EUP 38,900 EUP MaterialsConversion s 35,850 4,200 Costs of beginning work in process Costs incurred this period Total costs 229,286 s 457,650 233,480 work in process (all c Units in beginning Units started this period 37,000 Units in ending work in process 4,800 Prepare its process cost summary using the weighted-average method. (Round Cost per EUP" to 2 decimal places.) Prev 1015 Next>

Explanation / Answer

Costs Charged to Production Costs of Beginning WIP            40,050 Costs incurred this period          651,000 Total Costs to account for          691,050 Total costs accounted for          691,050 Difference due to rounding cost/unit                     -   Unit Reconciliation Units to account for: Beginning WIP              3,500 Started into Production            37,000 Total units to account for            40,500 Total units accounted for Completed during the period            36,500 Ending WIP              4,000 Total units accounted for            40,500 Equivalent Units of Production (EUP) - Weighted Average Method Units % Material EUP-Materials % Conversion EUP-Conversion Completed during the period            36,500 100%            36,500 100%             36,500 Ending WIP              4,000 100%              4,000 60%               2,400 Equivalent Units of Production (EUP)            40,500             38,900 Cost per EUP Materials Conversion Beginning WIP            35,850               4,200 Cost Incurred during the period          421,800           229,200 Total Costs Costs          457,650 Costs           233,400 Equivalent Units of Production (EUP) EUP            40,500 EUP             38,900 Cost per Equivalent Units of Production              11.30                  6.00 Cost Assignment and Reconciliation Costs Transferred Out EUP Cost per EUP Total Cost Direct Materials            36,500                11.30          412,450 Conversion            36,500                  6.00          219,000 Total transferred Out          631,450 Costs of Ending WIP EUP Cost per EUP Total Cost Direct Materials              4,000                11.30            45,200 Conversion              2,400                  6.00            14,400 Total Ending WIP            59,600 Total costs accounted for            691,050

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