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10. The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent

10.

The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. 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 Direct Materials Conversion
Units transferred out 41,500 EUP 41,500 EUP
Units of ending work in process 3,500 EUP 2,100 EUP
Equivalent units of production 45,000 EUP 43,600 EUP

Costs per EUP Direct Materials Conversion
Costs of beginning work in process $ 32,700 $ 4,200
Costs incurred this period 520,800 301,000
Total costs $ 553,500 $ 305,200

Units in beginning work in process (all completed during July) 3,000
Units started this period 42,000
Units completed and transferred out 41,500
Units in ending work in process 3,500

Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

Costs Charged to Production
Total costs to account for $0.00
Total costs accounted for
* Difference due to rounding cost/unit $0.00
Unit reconciliation
Units to account for
Total units to account for
Total units accounted for
Total units accounted for
Equivalent units of production (EUP) - FIFO method
Units % Materials EUP- Materials % Conversion EUP- Conversion
Total
Cost per EUP Materials Conversion
Total costs Costs Costs
Equivalent units of production EUP EUP
Cost per EUP (rounded to 2 decimals) 0 0
Cost assignment and reconciliation
Costs transferred out EUP Cost per EUP Total cost
Cost of beginning work in process
Cost to complete beginning work in process
Direct materials
Conversion
Total cost to complete beginning work in process
Costs of units started and completed this period EUP Cost per EUP Total cost
Direct materials $0.00
Conversion $0.00
Total costs started and completed this period
Total cost of work finished this period $0.00
Costs of ending work in process EUP Cost per EUP Total cost
Direct materials $0.00
Conversion $0.00
Total cost of ending work in process
Total costs accounted for

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