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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 35,000 EUP 35,000 EUP
Units of ending work in process 2,500 EUP 1,500 EUP
Equivalent units of production 37,500 EUP 36,500 EUP

Costs per EUP Direct Materials Conversion
Costs of beginning work in process $ 18,450 $ 2,280
Costs incurred this period 394,050 205,770
Total costs $ 412,500 $ 208,050

Units in beginning work in process (all completed during July) 2,000
Units started this period 35,500
Units completed and transferred out 35,000
Units in ending work in process 2,500

1. Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) 2. Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

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