Direct Materials Equivalent Units of Production Conversion Units transferred out ..................... Units of ending work in process .......... Equivalent units of production............ 32,000 EUP 2,500 EUP 34,500 EUP 32,000 EUP 1,500 EUP 33,500 EUP Direct Materials $ 18,550 357,500 $376,050 Costs per EUP Costs of beginning work in process .... Costs incurred this period ............. Total costs............................ 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 ................ Conversion $ 2,280 188,670 $190,950 2,000 32,500 32,000 2,500 exercise 16-134 FIFO: Completing a process cost summary C3 C4 efer to the information in Exercise 16-12. Prepare a process cost summary using the FIFO method. (Round cost per quivalent unit calculations to two decimal places.) Exercise 16-13 ASHAD COMPANY Process Cost Summary - FIFO Method For Month Ended July 31 Costs Charged to Production Costs of beginning work in process Direct materials Conversion Costs incurred this period Direct materials Conversion Total costs to account for Unit cost information Units to account for Beginning work in process Units started this period Total units to account for Units accounted for Completed & transferred out Ending work in process Total units accounted for Direct Materials Conversion Equivalent units of production Units to complete beginning WIP Direct materials Conversion Units started and completed Units of ending work inprocess Direct materials Conversion Equivalent units of production Direct Materials Conversion Cost per EUP Costs incurred this period + EUP from above) Cost per EUP Cost assignment and reconciliation Costs transferred out Cost of beginning work in process Cost to complete beginning work in process Direct materials Conversion Costs of units started and completed this period Direct materials Conversion Total cost of work finished this period Costs of ending work in process Direct materials Conversion Total costs accounted for