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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 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		38,500	EUP		38,500	EUP
Units of ending work in process		3,000	EUP		1,800	EUP
Equivalent units of production		41,500	EUP		40,300	EUP

Costs per EUP	Direct Materials				Conversion
Costs of beginning work in process		$	25,350			$	3,200
Costs incurred this period			460,200				254,720
Total costs		$	485,550			$	257,920

Units in beginning work in process (all completed during July)	2,500
Units started this period	39,000
Units completed and transferred out	38,500
Units in ending work in process	3,000

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

Costs Charged to Production Cost of beginning work in process Costs incurred this period 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) - FIFO method Units % Materials EUP- Materials % Conversion EUP- Conversion Costs incurred this period Total Cost per EUP Materials Conversion Total costs Costs Costs ÷ Equivalent units of production EUP EUP Cost per EUP (rounded to 2 decimals) 0 0 Cost assignment and reconciliation Costs transferred out EUP Cost per EUP Total cost Cost of beginning work in process Cost to complete beginning work in process Direct materials Conversion Total cost to complete beginning work in process Costs of units started and completed this period EUP Cost per EUP Total cost Direct materials $0.00 Conversion $0.00 Total costs started and completed this period Total cost of work finished this period $0.00 Costs of ending work in process EUP Cost per EUP Total cost Direct materials 3,000 $0.00 Conversion 1,800 $0.00 Total cost of ending work in process 0.00 Total costs accounted for $0.00

Answer 1

• Requirements asked

Costs Charged to Production:
Cost of beginning WIP	$                       28,550.00
Costs incurred this period	$                     714,920.00
Total Cost to account for	$                     743,470.00
Total costs accounted for	$                     743,470.00
Difference due to rounding cost/unit	$                                      -
Units Reconciliation
Units to account for:
Beginning WIP	2,500
Units started this period	39,000
Total Units to account for	41,500
Total Units accounted for:
Completed & Transferred out	38,500
Ending WIP	3,000
Total Units accounted for	41,500

EUP - FIFO Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units of ENDING WIP	3,000	100.0%	3,000	60.0%	1,800
Units STARTED & COMPLETED	36,000	100%	36,000	100%	36,000
Units of beginning WIP	2,500	0.00%	-	80%	2,000
Equivalent Units of Production			39,000		39,800
COST per EUP			Material		Conversion
Cost incurred this period			$       460,200.00		$                  254,720.00
Total Costs		Costs	$       460,200.00	Costs	$                  254,720.00
Equivalent units of production		EUP	39,000	EUP	39,800
Cost per EUP			$             11.8000		$                          6.4000
COST ASSIGNMENT & RECONCILIATION
Cost Transferred out:	EUP	Cost per EUP	Total Cost
Cost of Beginning WIP			28,550.00
Cost to complete beginning WIP-
- Direct Materials	-	11.80	-
- Conversion	2,000.00	6.40	12,800.00
Total cost to complete beginning WIP			41,350.00
Cost of Units started & completed this period:	EUP	Cost per EUP	Total Cost
- Direct Materials	36,000.00	11.80	424,800.00
- Conversion	36,000.00	6.40	230,400.00
Total costs started & Completed this period			655,200.00
Total cost of work finished this period				696,550.00
Costs of Ending WIP:	EUP	Cost per EUP	Total Cost
- Direct Materials	3,000	$                            11.80	$          35,400.00
- Conversion	1,800	$                              6.40	$          11,520.00
Total cost of ending WIP				$               46,920.00
Total costs accounted for				$             743,470.00