I can't seem to figure out the EPU for FIFO method. I also can not figure out the Cost to Complete with Beginning work in progress. Here is the full question and my current answers:
Question-
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.
| Equivalent Units of Production | Direct Materials | Conversion |
| Units transferred out | | 32,000 | EUP | | 32,000 | EUP |
| Units of ending work in process | | 2,500 | EUP | | 1,500 | EUP |
| Equivalent units of production | | 34,500 | EUP | | 33,500 | EUP |
| |
| Costs per EUP | Direct Materials | Conversion |
| Costs of beginning work in process | | $ | 18,550 | | | $ | 2,280 | |
| Costs incurred this period | | | 357,500 | | | | 188,670 | |
| Total costs | | $ | 376,050 | | | $ | 190,950 | |
| |
| | |
| Units in beginning work in process (all completed during July) | 2,000 |
| Units started this period | 32,500 |
| Units completed and transferred out | 32,000 |
| Units in ending work in process | 2,500 |
| |
Prepare its process cost summary using the FIFO method.
Required Information (The following information applies to the questions displayed below.] 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. Conversion Equivalent units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials 32,000 EUP 2,500 EUP 34,588 EUP 32,800 EUP 1,5e0 EUP 33,500 EUP Costs per EUP Costs of beginning work in process Costs incurred this period Direct Materials $ 18,550 357,500 $ 376,850 Conversion $ 2,280 188,670 $ 199,950 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 2,000 32,589 32,880 2,580 Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) >> Answer is complete but not entirely correct. Costs Charged to Production Cost of beginning work in process s 20.830.00 Costs incurred this period 548.170.00 Total costs to account for S 567.000.00 Total costs accounted for 549.930.00 * Difference due to rounding cost/unit s 17.070.00 Unit reconciliation Units to account for Beginning work in process 2,000 Units started this period 32,500 Total units to account for 34,500 Total units accounted for Completed and transferred out 32,000 Ending work in process 2.500 Total units accounted for 34,500 Equivalent units of production (EUP) - FIFO method % EUP- % Units Materials Materials Conversion Costs incurred this period 32,000 X 100% 32,000 $ 100% Units completed and transferred out 2,500 100% 2,500 60% Units of ending work in process 34,500 X 0% 34,500 X 0% X Equivalent units of production 69,000 69,000 Cost per EUP Materials Costs incurred this period 357,500 Total costs Costs IS 357,500 Costs -Equivalent units of production EUP 32.500 EUP Cost per EUP (rounded to 2 decimals) IS 11.00 Cost assignment and reconciliation Costs transferred out EUP Total cost EUP Cost of beginning work in process S 20.830.00 Cost to complete beginning work in process Direct materials OS 11.00 S 0.00 Conversion 1,500 X $ 5.20 X 7.800.00 Total cost to complete beginning work in 7.800.00 process EUP- Conversion 357,500 X 1.500 33,500 X 392,500 Conversion > > IS 188,670 188,670 33,500 5.83 s Cost per Costs of units started and completed this period EUP Cost per EUP Total cost 11.00 30,000 $ 30,000 S $330.000.00 158,000.00 5.20 Direct materials Conversion Total costs started and completed this period Total cost of work finished this period 486.000.00 S 514.830.00 Costs of ending work in process EUP Cost per Total cost EUP 2,500 IS 11.00 $ 27.500.00 7.800.00 1,500 IS 5.20 Direct materials Conversion Total cost of ending work in process Total costs accounted for 35,300.00 S 549.930.00
