Exercise 20-16A FIFO: Completing a process cost summary LO C3 C4 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 Weighted average method Units transferred out Units of ending goods in process Direct Direct Factory Materials Labor Overhead 32,000 32,000 32,000 1,500 2,5001,500 Equivalent units of production 34,500 33,500 33,500 Direct Direct Factory Materials Labor Overhead Costs Costs of beginning goods in s 18,550 $ 760 $ 1,520 process 357,500 62,890 125,780 Costs incurred this period 376,050 50127,300 Total costs Units in beginning goods in procesS (all completed during July) Units started this period Units completed and transferred 2,000 32,500 32,000 out Units in ending goods in process 2,500 Costs Charged to Production Costs of beginning goods in process Costs incurred this period Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit cost information Units to account for Beginning goods in p Units started this period Total units to account for Total units accounted for Completed and transferred out Ending goods in process Total units accounted for Equivalent units of production (EUP) -FIFO method $ 20,780.00 546,170.00 $ 566,950.00 585,550.00 $-18,600.00 2,000 32,500 34,500 rocess 32,000 2,500 34,500 Units % Materials EUP-Materials 32,000 32,000 2,500 66,500 % Labor EUP-Labor % Overhead EUP-Overhead Units completed and transferred out Units started and completed Units completed and transferred out Equivalent units of production 32,000 32,000 2,500 66,500 100% 100% 100% 100% 100% 60% 32,000 32,000 2,500 66,500 100% 100% 60% 32,000 32,000 2,500 66,500 Overhead Cost per EUP Cost of beginning goods in process Total costs + Equivalent units of production Cost per EUP (rounded to 2 decimals) Cost assignment and reconciliation Costs transferred out Cost of beginning goods in process Cost to complete beginning goods in process Materials Labor 18,550 1,520 1,520 33,500 0.05 760 Costs$18,550Costs 760 Costs EUP 24,500 EUP 33,500 EUP 0.76 0.02 Cost per EUP EUP Total cost $ 18,550.00 Direct materials Direct labor Factory overhead Total cost to complete beginning goods in process 32,000 10.90 $ 348,800.00 1.90 3.80 32,000$ 60,800.00 121,600.00 $ 531,200.00 Costs of units started and completed this period Cost per EUP EUP Total cost Direct materials Direct labor Factory overhead Total costs started and completed this period $10.90 1.90 3.80 Total cost of goods finished this period $ 549,750.00 Cost per EUP Costs of ending goods in process EUP Total cost Direct materials Direct labor Factory overhead Total cost of ending goods in process 2,500 10.90 27,250.00 1.90 3.80 1,500 $ 1,500 $ 2,850.00 5,700.00 35,800.00 Total costs accounted for $ 585,550.00