Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How do I solve this? Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) points
How do I solve this?
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) points (8 03:14:51 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 work in process inventory is 20% complete with respect to conversion. eBook Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Conversion Materials 35,000 EUP 35,000 EUP 2,500 EUP 1,500 EUP 37,500 EUP 36,500 EUP Hint Print Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials $ 18,450 394,050 $ 412,500 Conversion $ 2,280 205,770 $ 208,050 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 2,000 35,500 35,000 2,500 Conversion 1% X 20% X EUP- Conversion 35,000 500 X 35,500 Equivalent Units of Production (EUP)-Weighted Average Method % Units Materials Units completed and transferred out 35,000 1% X Units of ending work in process 2,500 Equivalent units of production 37,500 Cost per EUP Cost of beginning work in process Costs incurred this period Total costs Costs - Equivalent units of production EUP Cost per equivalent unit of production Cost Assignment and Reconciliation EUP- Materials 35,000 2,500 37,500 Materials $ 18,450 394,050 $ 412,500 37,500 $ 11.00 Conversion $ 2,280 205,770 $ 208,050 35,500 X $ 5.86 Costs EUP Costs transferred out EUP Total cost Direct materials 35,000 35,000 $ $ EUP 11.00 5.86% $385,000.00 205,100.00 Conversion Total transferred out $590,100.00 Costs of ending work in process EUP Total cost 2,500 500 Cost per EUP $ 11.00 $ 5.86 27,500.00 2,930.00 Direct materials Conversion Total ending work in process Total costs accounted for 30,430.00 $620,530.00Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started