[The following information applies to the questionsdisplayed below.]The following partially completed process cost summary...[The...

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Accounting

[The following information applies to the questionsdisplayed below.]

The following partially completed process cost summary describesthe July production activities of Ashad Company. Its productionoutput is sent to its warehouse for shipping. All direct materialsare added to products when processing begins. Beginning work inprocess inventory is 20% complete with respect toconversion.
Equivalent Units ofProduction Direct Materials Conversion
Units transferred out 44,000 EUP 44,000 EUP
Units of ending work inprocess 4,000 EUP 2,400 EUP
Equivalent units ofproduction 48,000 EUP 46,400 EUP
Costs per EUP Direct Materials Conversion
Costs of beginning work inprocess $ 40,350 $ 5,250
Costs incurred this period 574,050 342,750
Total costs $ 614,400 $ 348,000
Units in beginning work inprocess (all completed during July) 3,500
Units started this period 44,500
Units completed and transferredout 44,000
Units in ending work inprocess 4,000
Prepare its process cost summary using the weighted-averagemethod. (Round "Cost per EUP" to 2 decimalplaces.)
Costs Charged to Production
Costs of beginning work in process $45,600.00
Costs incurred this period 916,800.00
Total costs to account for $962,400.00
Total costs accounted for
*Difference due to roundingcost/unit $0.00
Unit Reconciliation
Units to account for
Beginning work in process 3,500
Units started this period 44,500
Total units to account for 48,000
Total units accounted for
Completed and transferred out 44,000
Ending work in process 4,000
Total units accounted for 48,000
Equivalent Units of Production (EUP)- Weighted Average Method
Units % Materials EUP- Materials % Conversion EUP- Conversion
Units completed and transferred out
Units of ending work in process
Equivalent units ofproduction
Cost per EUP Materials Conversion
Total costs Costs Costs
÷ Equivalent units ofproduction EUP EUP
Cost per equivalent unit ofproduction 0 0
Cost Assignment and Reconciliation
Costs transferred out EUP Cost perEUP Totalcost
Direct materials
Conversion
Total transferred out
Costs of ending work inprocess EUP Cost perEUP Totalcost
Direct materials $0.00
Conversion $0.00
Total ending work inprocess
Total costs accounted for

Answer & Explanation Solved by verified expert

4.2 Ratings (702 Votes)

Total costs to account for Costs of beginning work in process 45600 Costs incurred this period 916800 Total costs to account for 962400 Total costs accounted for 962400 Difference due to rounding costunit 0 Unit reconciliation Units to account for Beginning work in process See Answer

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In: Accounting[The following information applies to the questionsdisplayed below.]The following partially completed process cost summary...[The following information applies to the questionsdisplayed below.]The following partially completed process cost summary describesthe July production activities of Ashad Company. Its productionoutput is sent to its warehouse for shipping. All direct materialsare added to products when processing begins. Beginning work inprocess inventory is 20% complete with respect toconversion.Equivalent Units ofProductionDirect MaterialsConversionUnits transferred out44,000EUP44,000EUPUnits of ending work inprocess4,000EUP2,400EUPEquivalent units ofproduction48,000EUP46,400EUPCosts per EUPDirect MaterialsConversionCosts of beginning work inprocess$40,350$5,250Costs incurred this period574,050342,750Total costs$614,400$348,000Units in beginning work inprocess (all completed during July)3,500Units started this period44,500Units completed and transferredout44,000Units in ending work inprocess4,000Prepare its process cost summary using the weighted-averagemethod. (Round "Cost per EUP" to 2 decimalplaces.)Costs Charged to ProductionCosts of beginning work in process$45,600.00Costs incurred this period916,800.00Total costs to account for$962,400.00Total costs accounted for*Difference due to roundingcost/unit$0.00Unit ReconciliationUnits to account forBeginning work in process3,500Units started this period44,500Total units to account for48,000Total units accounted forCompleted and transferred out44,000Ending work in process4,000Total units accounted for48,000Equivalent Units of Production (EUP)- Weighted Average MethodUnits% MaterialsEUP- Materials% ConversionEUP- ConversionUnits completed and transferred outUnits of ending work in processEquivalent units ofproductionCost per EUPMaterialsConversionTotal costsCostsCosts÷ Equivalent units ofproductionEUPEUPCost per equivalent unit ofproduction00Cost Assignment and ReconciliationCosts transferred outEUPCost perEUPTotalcostDirect materialsConversionTotal transferred outCosts of ending work inprocessEUPCost perEUPTotalcostDirect materials$0.00Conversion$0.00Total ending work inprocessTotal costs accounted for

Equivalent Units ofProduction	Direct Materials			Conversion
Units transferred out		44,000	EUP		44,000	EUP
Units of ending work inprocess		4,000	EUP		2,400	EUP
Equivalent units ofproduction		48,000	EUP		46,400	EUP

Costs per EUP	Direct Materials			Conversion
Costs of beginning work inprocess		$	40,350		$	5,250
Costs incurred this period			574,050			342,750
Total costs		$	614,400		$	348,000


Units in beginning work inprocess (all completed during July)	3,500
Units started this period	44,500
Units completed and transferredout	44,000
Units in ending work inprocess	4,000