2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-sverage method is used. (Round "Cost per EUP" to 2 declmal places.) 5,020 units Bcginning inventory Started Ending inventory 8,880 units Materials-Percent corpletc 75% Ending inventory Matcrials-Percent corplete 48% Cost of beginning work in incurred this period 8,135 55,815 363 83.920 Total costs to account for Total costs accounted for Difference due to rounding cos/unit Units to account for Beginning work in process inventory-units Units started this period Total unlts to account for 5,000 4,000 19,000 Total units accounted for. Units completed and transferred out 11,000 B,000 19,000 Ending wark in process-units Total units accounted for d average method EUP- Unite 56 Materials | EUP. Matertalsl % Labor 11,000 11,000 its completed and transferred out 100% 100% lunits to account for 5,000 5,000 2,000 Total units 6,000 16 of MaterialB Converalon per equiva st of beginning work in 2,660 5,475 303,375 30B,850 13,000 proces incurred this period Total costs 55,100 Costs S Equivalent units of production Cast per equivalent unit of praduction (rounded to 2 decimals) EUP EUP 23. I costs accounted for Cast af units transferred out: Cost per EUP Total coet 3.44 S 11,000 S Direct materials 37,840 11,000 S 23.78 281,360 Total casts transferred out S 299,200 Cost per EUP Total cost 3.44 S Costs of ending goods in process Direct materials 5,000S 17.200 2,000 S 23.78 47,520 Total cost of ending goods in process 64,720 S 363,920 Total casts accounted for 3. Using the results from part 2 and the available information, make computstions and prepare journel entries to record the following g. Total costs transferred to finished goods for July h. Sale of finished goods costing $265,700 for $625,000 in cash Mew tranaaction Ilst Journal entry worksheet Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits Debit Credit Transaction General journal g- Clear entry Racord entry Mew ganeral journal Journal entry worksheet Record sale of finished goods for cash Note: Enter debits before credits Debit Creait Credit Transaction General journal Clear entry Racord entry Mew ganeral journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits Debit Creait Credit Transaction General journal Clear entry Racord entry Mew ganeral journal 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-sverage method is used. (Round "Cost per EUP" to 2 declmal places.) 5,020 units Bcginning inventory Started Ending inventory 8,880 units Materials-Percent corpletc 75% Ending inventory Matcrials-Percent corplete 48% Cost of beginning work in incurred this period 8,135 55,815 363 83.920 Total costs to account for Total costs accounted for Difference due to rounding cos/unit Units to account for Beginning work in process inventory-units Units started this period Total unlts to account for 5,000 4,000 19,000 Total units accounted for. Units completed and transferred out 11,000 B,000 19,000 Ending wark in process-units Total units accounted for d average method EUP- Unite 56 Materials | EUP. Matertalsl % Labor 11,000 11,000 its completed and transferred out 100% 100% lunits to account for 5,000 5,000 2,000 Total units 6,000 16 of MaterialB Converalon per equiva st of beginning work in 2,660 5,475 303,375 30B,850 13,000 proces incurred this period Total costs 55,100 Costs S Equivalent units of production Cast per equivalent unit of praduction (rounded to 2 decimals) EUP EUP 23. I costs accounted for Cast af units transferred out: Cost per EUP Total coet 3.44 S 11,000 S Direct materials 37,840 11,000 S 23.78 281,360 Total casts transferred out S 299,200 Cost per EUP Total cost 3.44 S Costs of ending goods in process Direct materials 5,000S 17.200 2,000 S 23.78 47,520 Total cost of ending goods in process 64,720 S 363,920 Total casts accounted for 3. Using the results from part 2 and the available information, make computstions and prepare journel entries to record the following g. Total costs transferred to finished goods for July h. Sale of finished goods costing $265,700 for $625,000 in cash Mew tranaaction Ilst Journal entry worksheet Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits Debit Credit Transaction General journal g- Clear entry Racord entry Mew ganeral journal Journal entry worksheet Record sale of finished goods for cash Note: Enter debits before credits Debit Creait Credit Transaction General journal Clear entry Racord entry Mew ganeral journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits Debit Creait Credit Transaction General journal Clear entry Racord entry Mew ganeral journal
