myBusinessCourse access (videos and homework) Business Course Return to course Support Dashboard Sydney Zombo WA EUP: cost assignment Spangenberg Products manufactures computer cases. All material is added at the start of production and overhead is assumed to be incurred at the same rate as labor. Overhead is applied to each product at the rate of 70 percent of direct labor cost. At the beginning of July, there were no units in the Finished Goods Inventory. The firm's inventory cost records provide the following information: Units DM Cost DL Cost Work in Process Inventory, 7/1 (70% complete as to labor) Units started in production Costs for July Work in Process Inventory, 7/31 60% complete as to labor) 220,000 $1,650.000 $473,000 3,300,000 880,000 12,430,000 9,031,000 At the end of July, the cost of the Finished Goods Inventory was determined to be $272,800. a. Compute the following 1. Equivalent units of production using the weighted average method. EUP for materials O EUP for labor 0 EUP for overhead 0 Announcements Jump to e Inclusive Access Link (for students that did not pay for the text separately) Chrome File Edit View History Bookmarks Profiles Tab Window Help T ACCT-375-01/02 F22: myBusin x + courses202208.hope.edu/mod/lti/view.php?id=34457 202208 Academic Terms Groups Athletic Eligibility Help myBusinessCourse access (videos and homework) BusinessCourse #Return to course 2. Unit production costs for material, labor, and overhead. Unit cost for materials $ 0 Unit cost for labor $0 Unit cost for overhead $0 3. Cost of goods sold. $ 0 b. Prepare the journal entries to record the July transfer of completed goods and the July cost of goods sold. Account To record finished products. To record products sold Check = Debit Credit 0 0 0 0 0 0 = 0 0