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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

Solutions

Expert Solution

Costs Charged to Production
Costs of beginning work in process 20730
Costs incurred this period 599820
Total costs to account for 620550
Total costs accounted for 620550
Difference due to rounding cost/unit 0
Unit reconciliation:
Units to account for:
Beginning work in process inventory 2000
Units started this period 35500
Total units to account for 37500
Total units accounted for:
Units completed and transferred out 35000
Ending work in process 2500
Total units accounted for 37500
Equivalent units of production (EUP)- weighted average method
Units %Materials EUP-Materials %Conversion EUP-Conversion
Units completed and transferred out 35000 100% 35000 100% 35000
Ending work in process 2500 100% 2500 60% 1500
Equivalent units of production 37500 37500 36500
Cost per equivalent unit of production Materials Conversion
Cost of beginning work in process 18450 2280
Costs incurred this period 394050 205770
Total costs Costs 412500 Costs 208050
÷ Equivalent units of production EUP 37500 EUP 36500
Cost per equivalent unit of production 11.00 5.70
Cost Assignment and Reconciliation
Cost of units transferred out EUP Cost per EUP Total cost
Direct materials 35000 11.00 385000
Conversion 35000 5.70 199500
Total cost transferred out 584500
EUP Cost per EUP Total cost
Cost of ending work in Process
Direct materials 2500 11.00 27500
Conversion 1500 5.70 8550
Total Cost of ending work in Process 36050
Total cost accounted for 620550

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