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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.)
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