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The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company
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 Units transferred out Units of ending work in process Equivalent units of production Direct Conversion Materials 41,000 EUP 41,000 EUP 3,000 EUP 1,800 EUP 44,000 EUP 42,800 EUP Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Direct Materials Conversion $ 26,350 $ 3,450 510,450 291,870 $536,800 $295, 320 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 2,500 41,500 41,000 3,000
Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal pla Costs Charged to Production Total costs to account for Total costs accounted for * Difference due to rounding cost/unit 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 % EUP- Units Materials Materials % Conversion EUP- Conversion Equivalent units of production Cost per EUP Materials Conversion Costs EUP Costs EUP Cost per EUP Total cost EUP Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment and Reconciliation Costs transferred out Direct materials Conversion Total transferred out Costs of ending work in process Direct materials Conversion Total ending work in process Total costs accounted for Cost per EUP Total cost EUP
Expert Solution
· Requirement asked
|
Total Cost to account for: |
|
|
Cost of beginning WIP |
$ 29,800.00 |
|
Costs incurred this period |
$ 802,340.00 |
|
Total Cost to account for |
$ 832,140.00 |
|
Total costs accounted for |
$ 832,120.00 |
|
Difference due to rounding cost/unit |
$ 20.00 |
|
Units Reconciliation |
|
|
Units to account for: |
|
|
Beginning WIP |
2,500 |
|
Units started this period |
41,500 |
|
Total Units to account for |
44,000 |
|
Total Units accounted for: |
|
|
Completed & Transferred out |
41,000 |
|
Ending WIP |
3,000 |
|
Total Units accounted for |
44,000 |
|
EUP - Weighted Average Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units TRANSFERRED |
41,000 |
100% |
41,000 |
100% |
41,000 |
|
Units of ENDING WIP |
3,000 |
100% |
3,000 |
60% |
1,800 |
|
Equivalent Units of Production |
44,000 |
42,800 |
|||
|
COST per EUP |
Material |
Conversion |
|||
|
Cost of Beginning WIP |
$ 26,350.00 |
$ 3,450.00 |
|||
|
Cost incurred during the period |
$ 510,450.00 |
$ 291,870.00 |
|||
|
Total Costs |
Costs |
$ 536,800.00 |
Costs |
$ 295,320.00 |
|
|
Equivalent units of production |
EUP |
44,000 |
EUP |
42,800 |
|
|
Cost per EUP |
$ 12.20000 |
$ 6.90000 |
|||
|
TOTAL COST ACCOUNTED FOR |
|||||
|
Cost of Units Transferred Out |
EUP |
Cost per EUP |
Total Cost |
||
|
- Direct Materials |
41,000 |
$ 12.20 |
$ 500,200.00 |
||
|
- Conversion |
41,000 |
$ 6.90 |
$ 282,900.00 |
||
|
Total Cost transferred Out |
$ 783,100.00 |
||||
|
Cost of ending WIP |
EUP |
Cost per EUP |
Total Cost |
||
|
- Direct Materials |
3,000 |
$ 12.20 |
$ 36,600.00 |
||
|
- Conversion |
1,800 |
$ 6.90 |
$ 12,420.00 |
||
|
Total cost of ending WIP |
$ 49,020.00 |
||||
|
Total costs accounted for |
$ 832,120.00 |
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