Required information [The following information applies to the questions displayed below.) The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. 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 Units transferred out Units of ending work in process Equivalent units of production Direct Conversion Materials 38,000 EUP 38,000 EUP 2,500 EUP 1,500 EUP 40,500 EUP 39,500 EUP Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials Conversion $ 19,350 $ 2,520 450, 450 246,330 $469,800 $248,850 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 38,500 38,000 2,500 Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Prepare its process cost summary using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Costs Charged to Production $ 0.00 Total costs to account for Total costs accounted for * Difference due to rounding cost/unit Unit Reconciliation Units to account for $ 0.00 Total units to account for Total units accounted for Total units accounted for Equivalent Units of Production (EUP)- Weighted Average Method % EUP- nits Materials Materials % Conversion EUP- Conversion Equivalent units of production Cost per EUP Materials Conversion Costs EUP Costs EUP Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment and Reconciliation 0 0 Cost per Costs transferred out EUP Total cost EUP Direct materials Conversion Total transferred out Cost per EUP Total cost Costs of ending work in process Direct materials Conversion Total ending work in process Total costs accounted for EUP $ 0.00 $ 0.00 Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Costs Charged to Production $ 0.00 * Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation Units to account for LA 0.00 Total units to account for Total units accounted for Total units accounted for Equivalent units of production (EUP) - FIFO method % Units Materials EUP- Materials % EUP- Conversion Conversion Total Cost per EUP Materials Conversion Total costs + Equivalent units of production Cost per EUP (rounded to 2 decimals) Costs EUP Costs EUP 0 0 Cost per EUP Total cost EUP EUP Total cost Cost assignment and reconciliation Costs transferred out Cost of beginning work in process Cost to complete beginning work in process Direct materials Conversion Total cost to complete beginning work in process Costs of units started and completed this period Direct materials Conversion Total costs started and completed this period Total cost of work finished this period Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP $ 0.00 $ 0.00 $ 0.00 EUP Total cost Cost per EUP $ 0.00 $ 0.00
