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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 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 | Direct Materials | Conversion | ||||
Units transferred out | 39,500 | EUP | 39,500 | EUP | ||
Units of ending work in process | 4,000 | EUP | 2,400 | EUP | ||
Equivalent units of production | 43,500 | EUP | 41,900 | EUP | ||
Costs per EUP | Direct Materials | Conversion | ||||||
Costs of beginning work in process | $ | 37,650 | $ | 4,620 | ||||
Costs incurred this period | 480,000 | 271,920 | ||||||
Total costs | $ | 517,650 | $ | 276,540 | ||||
Units in beginning work in process (all completed during July) | 3,500 |
Units started this period | 40,000 |
Units completed and transferred out | 39,500 |
Units in ending work in process | 4,000 |
Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
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Costs Charged to Production Cost of beginning work in process Costs incurred this period 42,270.00 751,920.00 $ 794,190.00 Total costs to account for Total costs accounted for Difference due to rounding cost/unit 0.00 Unit reconciliation Units to account for Beginning work in process Units started this period 3,500 40,000 43,500 Total units to account for Total units accounted for Completed and transferred out Ending work in process 39,500 4,000 43,500 Total units accounted for Equivalent units of production (EUP) - FIFO method Units % Materials EUP- Materials % Conversion EUP-Conversion Units of beginning work in process Units started and completed Units of ending work in process 3,500 40,000 4,000 Total 47,500 Cost per EUP Costs incurred this period Total costs Materials Conversion 480,000 271,920 Costs 480,000 Costs $ 271,920 Equivalent units of production Cost per EUP (rounded to 2 decimals) Cost assignment and reconciliation Costs transferred out Cost of beginning work in process Cost to complete beginning work in process EUP EUP 0 Cost per EUP Total cost EUP 42,270.00 Direct materials 37,650 4,620 Conversion Total cost to complete beginning work in process Costs of units started and completed this period EUP Total cost Cost per EUP Direct materials $ 0.00 Conversion 0.00 Total costs started and completed this period Total cost of work finished this period 42,270.00 Costs of ending work in process EUP Total cost Cost per EUP 0.00 Direct materials $ Conversion $ 0.00 Total cost of ending work in process Total costs accounted for
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