Exercise 20-16A FIFO: Completing a process cost summary LO C3 C4

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

The following partially completed process cost summary describes the July production activities of Ashad Company. Its production output is sent to its warehouse for shipping. All direct materials are added to products when processing begins. Beginning goods in process inventory is 20% complete with respect to direct labor and overhead. Equivalent units of production Direct Direct Factory Weighted average method Materials Labor Overhead Units transferred out 32,000 32,000 32,000 Units of ending goods in process 2,500 1,500 1,500 Equivalent units of production 34,500 33,500 33,500 Direct Direct Factory Materials Labor Overhead Costs Costs of beginning goods in process Costs incurred this period $ 18,550 $ 760 $ 1,520 357,500 62,890 125,780 Total costs $376,050$ 63,650$ 127,300 Units in beginning goods in process (all completed during July) 2,000 Units started this period 32,500 Units completed and transferred 32,000 out Units in ending goods in process 2,500 Costs Charged to Production Total costs to account for $ 0.00 Total costs accounted for 0.00 * Difference due to rounding cost/unit Unit cost information 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 % Labor EUP-Labor % Overhead EUP- Overhead Equivalent units of production Cost per EUP Materials Labor Overhead Costs ......... Total costs + Equivalent units of production Cost per EUP (rounded to 2 decimals) Costs EUP Costs EUP EUP 0 0 0 Cost assignment and reconciliation Costs transferred out EUP Cost per EUP Total cost Cost of beginning goods in process Cost to complete beginning goods in process Direct materials Direct labor Factory overhead Total cost to complete beginning goods in process Costs of units started and completed this period EUP Total cost Cost per EUP $ 0.00 Direct materials Direct labor $ 0.00 $ 0.00 Factory overhead Total costs started and completed this period Total cost of goods finished this period 0.00 Costs of ending goods in process EUP Total cost Cost per EUP $ 0.00 Direct materials Direct labor $ 0.00 $ 0.00 Factory overhead Total cost of ending goods in process Total costs accounted for