In: Accounting
The following partially completed process cost summary describes
the July production activities of the Molding department...
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 |
|
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 |
|
*Difference due to rounding
cost/unit |
$0.00 |
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 |
EUP- Materials |
% Conversion |
EUP- Conversion |
|
|
|
|
|
|
|
|
|
|
|
|
Equivalent units of production |
|
|
|
|
|
Cost per EUP |
|
|
Materials |
|
Conversion |
|
|
|
|
|
|
|
|
|
|
|
|
Total costs |
|
Costs |
|
Costs |
|
÷ Equivalent units of production |
|
EUP |
|
EUP |
|
Cost per equivalent unit of
production |
0 |
|
0 |
Cost Assignment and Reconciliation |
|
|
|
|
|
Costs transferred out |
EUP |
Cost per EUP |
Total cost |
|
|
Direct materials |
|
|
|
|
|
Conversion |
|
|
|
|
|
Total transferred out |
|
|
|
|
|
Costs of ending work in process |
EUP |
Cost per EUP |
Total cost |
|
|
Direct materials |
|
$0.00 |
|
|
|
Conversion |
|
$0.00 |
|
|
|
Total ending work in process |
|
|
|
|
|
Total costs accounted for |
|
|
|
|
|