Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image text in transcribedimage text in transcribedimage text in transcribed

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 Units transferred out Units of ending work in process Direct Materials 38,500 3,800 Conversion 38,500 2,280 Equivalent units of production 42,300 40,780 Costs per EUP Costs of beginning work in process Costs incurred this period Direct Materials $ 24,400 521,270 Conversion $ 2,865 217,347 Total costs $ 545,670 $ 220,212 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 3,300 39,000 38,500 3,800 Prepare its process cost summary using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Costs Charged to Production Total costs to account for $ 0.00 Total costs accounted for $ 0.00 *Difference due to rounding cost/unit Unit Reconciliation Units to account for Total units to account for Total units accounted for Total units accounted for Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials EUPMaterials % Conversion EUP- Conversion Equivalent units of production Cost per EUP Materials Conversion Total costs Costs Costs + Equivalent units of production EUP EUP 0 0 Cost per equivalent unit of production Cost Assignment and Reconciliation Cost per Costs transferred out EUP Total cost EUP Direct materials Conversion Total transferred out Cost per Costs of ending work in process EUP EUP Total cost Direct materials $ 0.00 Conversion $ 0.00 Total ending work in process Total costs accounted for

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing And Assurance Services

Authors: William Messier, Steven Glover, Douglas Prawitt

6th International Edition

ISBN: 0071284664, 978-0071284660

More Books

Students also viewed these Accounting questions

Question

Excel caculation on cascade mental health clinic

Answered: 1 week ago