Required information The following information applies to the questions displaye

Question

Required information 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. Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials 35, 500 EUP 3,088 EUP 38,500 EUP Conversion 35,500 EUP 1,800 EUP 37, 300 EUP Direct ts per EUP Costs of beginning work in process Costs incurred this period Total costs Materials Conversion $ 24,15e 2,900 213,446e $ 427,350 216,340 403, 200 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 2,508 36,000 35,500 3,000 Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

Explanation / Answer

Cost Charged to Production Total costs to account for $                               643,690.00 Total costs accounted for $                               643,680.00 Difference due to rounding off $                                          10.00 Units Reconciliation Units to be acoounted for: a Beginning WIP 2500 b Units started this period 36000 c Total units to be accounted for 38500 d Units accounted for: e Units completed and transferred out: f From beginning In ventory 2500 g Started and completed currently 33000 h Units in ending WIP inventory 3000 i Total units to be accounted for 38500 Equivalent units of production-FIFO method (unit*% Material) (unit*% Conversion) Units % Material EUP-Material % Conversion EUP-Conversion j Units completed and transferred out From beginning In ventory                                              2,500 0%                               -   80%                 2,000 k Started and completed currently                                            33,000 100%                      33,000 100%              33,000 l Units in ending WIP inventory                                              3,000 100%                        3,000 33%                 1,000 m Equivalent units of production                      36,000              36,000 Cost per EUP Material Labour Total costs $         427,350.00 $ 216,340.00 Equivalent units                      36,000              36,000 Cost per EUP $                    11.87 $               6.01 Costs transferred out EUP Cost per EUP Total Cost Cost of beginning work in progress 27050 =24150+2900 Cost to complete beginning wip Direct material                                                     -   $                   11.87 $                           -   Conversion                                              2,000 $                      6.01 $           12,020.00 Total cost to complete beginning work in pro cess $           12,020.00 Cost of units started and completed this period EUP Cost per EUP Total Cost Direct material                                            33,000 $                   11.87 $         391,710.00 Conversion                                            33,000 $                      6.01 $         198,330.00 Total cost units started and completed this period $         590,040.00 Total cost of work finished this period $         602,060.00 Cost of ending work in process Direct material                                              3,000 $                   11.87 $           35,610.00 Conversion                                              1,000 $                      6.01 $              6,010.00 Total cost of ending work in process $           41,620.00 Total cost accounted for $         643,680.00

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