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 goods in process inventory is 20% complete with respect to conversion. Prepare its process cost summary using the weighted average method.

Equivalent units of production........................Direct materials...............Conversion

Units transferred out..........................................32,000 EUP.................32,000EUP

Units of ending work in progress........................2,500 EUP.....................1,500 EUP

Cost per EUP...............................................Direct materials.......................Conversion

Costs of beginning work in progress.................18,550...................................2,280

Costs incurred this period.................................357,5000...............................188,670

Total costs..........................................................376,050.................................190,950

Units Beginning work in process (completed during july).........................................2,000

Units started this period.......................................................................................32,500

Units completed and transferred out......................................................................32,000

Units in ending work in process.............................................................................2,500