Tiscercise 20-12 Weighted average: Completing a process cost summary c3 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% com- plete with respect to conversion. Prepare its process cost summary using the weighted average method. Direct Materials Conversion Equivalent Units of Production Units transferred out .............. Units of ending work in process.... Equivalent units of production...... 32,000 EUP 1.500 EUP 33,500 EUP Units Units in beginning work in process fall completed during July).... Units started this period .............. Units completed and transferred out .. . Units in ending work in process....... 2,000 32,500 32,000 2.500 Costs per EUP Costs of beginning work in process.... Costs incurred this period .......... Total costs... 32,000 EUP 2,500 EUP 34,500 EUP Direct Materials $ 18.550 357,500 $376,050 Conversion $ 2,280 183.670 $190.950