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Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 22,950 2,600 Units Prepare a production cost report using the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. 349,800 175,760 2,500 33,000 32,500 3,000 $ 25,550 525,560 $ 551,110 Direct Materials. Percent Complete 100% 100% Conversion Percent Complete 20% 60%

Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 22,950 2,600 Units Prepare a production cost report using the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. 349,800 175,760 2,500 33,000 32,500 3,000 $ 25,550 525,560 $ 551,110 Direct Materials. Percent Complete 100% 100% Conversion Percent Complete 20% 60%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Unit reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent units of production (EUP) - FIFO method Equivalent Units of Production Cost per EUP + Equivalent units of production Cost assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Units EUP EUP EUP Direct Materials % Added Cost per EUP Cost per EUP Cost per EUP EUP Direct Materials Total cost Total cost Total cost % Added Conversion EUP Conversion
Transcribed Image Text:Unit reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent units of production (EUP) - FIFO method Equivalent Units of Production Cost per EUP + Equivalent units of production Cost assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Units EUP EUP EUP Direct Materials % Added Cost per EUP Cost per EUP Cost per EUP EUP Direct Materials Total cost Total cost Total cost % Added Conversion EUP Conversion
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 22,950 2,600 Units 349,800 175,760 2,500 33,000 Prepare a production cost report using the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. 32,500 3,000 $ 25,550 525,560 $ 551,110 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60%
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 22,950 2,600 Units 349,800 175,760 2,500 33,000 Prepare a production cost report using the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. 32,500 3,000 $ 25,550 525,560 $ 551,110 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60%
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