for May. Costs Units Beginning work in process inventory Started Ending work in

Question

for May. Costs Units Beginning work in process inventory Started Ending work in process inventory 5,500 19,500 6,000 Beginning work in process inventory Direct materials Conversion 4,380 9,408 $ 13,788 326,879 213,680 154,622 $708,966e 81,481 Status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 100% Direct labor added 40% Overhead applied (72% of direct labor) Total costs to account for Ending work in process inventory Prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. Use the weighted-average method. (Do not round intermediate calculations. Round "Cost per EUP" to 2 decimal places.) Total costs to account for: 0 Total costs to account for Total costs accounted for Difference due to rounding cost/unit 0 Units to account for Total units to account for

Explanation / Answer

Total costs to account for Beginning work in process 13,788 cost added during the year 695172 total costs to account for 708,960 total costs accounted for 708,960 Difference due to rounding cost/unit 0 Unit Reconciliation Units to account for: Beginning work in process 5,500 Started during the year 19,500 total units to account for 25,000 total units accounted for completed & transferred 19,000 Ending work in process 6,000 total units accounted for 25,000 Equivalent units of production (EUP)-weighted average method Units %Materials EUP-Mate %conver EUP-CC Completed & Transferred 19,000 100% 19,000 100% 19,000 Ending work in process 6,000 100% 6,000 40% 2400 Total units 25,000 25,000 21,400 Cost per Equivalent unit of production Materials CC Beginning work in process 4,380 9,408 cost added during the year 326,870 368302 total costs costs 331,250 Costs 377,710 Equivalent units of production EUP 25,000 EUP 21,400 cost per equivalent unit of production 13.25 17.65 Total costs accounted for cost of units transferred out EUP Cost per total EUP cost Direct Materials 19,000 13.25 251750 conversion 19,000 17.65 335350 total costs Transferred out 587100 Costs of ending work in process EUP per EUP total Direct Materials 6,000 13.25 79500 conversion 2,400 17.65 42360 total costs of ending work in process 121860 total costs accounted for 708960

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