Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounting. Confused. Thank you in advance. The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company.

Accounting. Confused. Thank you in advance.

image text in transcribed

image text in transcribed

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 Units transferred out Units of ending work in process Equivalent units of production Direct Materials Conversion 40,000 EUP 40,000 EUP 4,500 EUP 2,700 EUP 44,500 EUP 42,700 EUP Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials $ 43,950 490,050 $ 534,000 Conversion $ 5,360 280,730 $ 286,090 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 4,000 40, 500 40,000 4,500 Prepare its process cost summary using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Costs Charged to Production 0.00 Total costs to account for Total costs accounted for *Difference due to rounding cost/unit Unit Reconciliation Units to account for $ 0.00 Total units to account for Total units accounted for Total units accounted for Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials EUP - Materials % Conversion EUP-Conversion Equivalent units of production Cost per EUP Materials Conversion Costs Costs EUP EUP 0 0 EUP Cost per EUP Total cost Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment and Reconciliation Costs transferred out Direct materials Conversion Total transferred out Costs of ending work in process Direct materials Conversion Total ending work in process Total costs accounted for EUP Cost per Total cost EUP 0.00 $ $ 0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Human Resource Planning Audit

Authors: Peter Reilly

1st Edition

1907766111, 978-1907766114

More Books

Students also viewed these Accounting questions

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is human nature?

Answered: 1 week ago