https/ mi? retumUrl. https%3A%2F%2Fconnectr index.html%2 The following partally
ID: 2397781 • Letter: H
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https/ mi? retumUrl. https%3A%2F%2Fconnectr index.html%2 The following partally completed process cost summary describes the July production activities of Ashad Company, its production output is sent to its warehouse for shipping All direct materials are added to products when processing begins. Beginning work in process memory is 20% complete with respect to conversion Units transferred out Units of ending work in process Equivalent units of production Dire 37,500 EUP 19,500 EUP 37,500 EUP 38,700 EUP Costs of beginning work in process Costs incurred this period Total costs 13,450 ,860 44-800 238 88e S 454,25$ 239,940 Unlts in beginningwork in process (oll completed during July) 1,500 38,000 37, 500 2,000 Units started this perlod Units completed and transferred out Units in ending work in process Prepare its process cost summary using the FIFO method. (Round "Cost per EUP to 2 decimal places.) Total costs to account for Total costs accounted for g costuni Units to Total units to account forExplanation / Answer
Costs Charged to Production Cost of beginning work in process 15310 Costs incurred this period 678880 Total costs to account for 694190 Total costs accounted for 694190 Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for Beginning work in process 1500 Units started this period 38000 Total units to account for 39500 Total units accounted for Completed and transferred out 37500 Ending work in process 2000 Total units accounted for 39500 Equivalent units of production (EUP) - FIFO Method Units % Materials EUP-Materials % Conversion EUP-Conversion Units in beginning work in process 1500 0 0 80% 1200 Units started and completed this period 36000 100% 36000 100% 36000 Units of ending work in process 2000 100% 2000 60% 1200 Equivalent units of production 38000 38400 Cost per EUP Materials Conversion Costs added during this period 440800 238080 Total costs Costs 440800 Costs 238080 ÷ Equivalent units of production EUP 38000 EUP 38400 Cost per EUP (rounded to 2 decimals) 11.60 6.20 Cost Assignment and Reconciliation Costs transferred out EUP Cost per EUP Total cost Cost of beginning work in process 15310 Cost to complete beginning work in process Direct materials 0 11.60 0 Conversion 1200 6.20 7440 Total cost to complete beginning work in process 7440 Costs of units started and completed this period Direct materials 36000 11.60 417600 Conversion 36000 6.20 223200 Total costs started and completed this period 640800 Total cost of work finished this period 648240 Costs of ending work in process EUP Cost per EUP Total cost Direct materials 2000 11.60 23200 Conversion 1200 6.20 7440 Total cost of ending work in process 30640 Total costs accounted for 694190
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