Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required Information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department

image text in transcribed

Required Information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 29,950 3,540 $ 33,490 221,250 633,700 $ 667,190 412,450 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Direct Materials Conversion Percent Percent Units Complete Complete 3,000 100% 20% 36,500 36,000 3,500 100% 60% Prepare a production cost report using the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. Unit reconciliation Units to account for Beginning work in process Units started this period Total units to account for Units accounted for Beginning work in process Units started and completed Ending work in process Total units accounted for Equivalent units of production (EUP) - FIFO method Beginning work in process Started and completed Ending work in process Equivalent Units of Production Cost per EUP + Equivalent units of production Cost per EUP (rounded to 2 decimals) Cost assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for 3,000 36,500 39,500 3,000 33,000 3,500 39,500 Direct Materials Units % Added EUP 3,000 0% 0 33,000 100% 3,500 100% 39,500 % Added Conversion EUP Direct Materials Conversion EUP Cost per EUP Total cost EUP Cost per EUP Total cost $ $ 0.00 0.00 $ 0.00 EUP Cost per EUP Total cost $ 0.00 $ 0.00 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions