Required information [The following information applies to the questions displayed below.] 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 adde products when processing begins. Beginning work in process inventory is 20% complete with respect to convers Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Units completed and transferred out Units in ending work in process Units in beginning work in process (all completed during July) Units started this period Costs Charged to Production Cost of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for * Difference due to rounding cost/unit Unit reconciliation Units to account for Beginning work in process Units started this period Direct Materials 34,500 EUP 2,000 EUP 36,500 EUP Total units to account for Total units accounted for Direct Materials $ 12,850 385,000 $ 397,850 $ Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) $ 14,530.00 583,240.00 $ 597,770.00 Conversion 34,500 EUP 1,200 EUP 35,700 EUP 0.00 1,500 35,000 36,500 Conversion $ 1,680 198,240 $ 199,920 1,500 35,000 34,500 2,000
Required information [The following information applies to the questions displayed below.] 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 adde products when processing begins. Beginning work in process inventory is 20% complete with respect to convers Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Units completed and transferred out Units in ending work in process Units in beginning work in process (all completed during July) Units started this period Costs Charged to Production Cost of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for * Difference due to rounding cost/unit Unit reconciliation Units to account for Beginning work in process Units started this period Direct Materials 34,500 EUP 2,000 EUP 36,500 EUP Total units to account for Total units accounted for Direct Materials $ 12,850 385,000 $ 397,850 $ Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) $ 14,530.00 583,240.00 $ 597,770.00 Conversion 34,500 EUP 1,200 EUP 35,700 EUP 0.00 1,500 35,000 36,500 Conversion $ 1,680 198,240 $ 199,920 1,500 35,000 34,500 2,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Completed and transferred out
Ending work in process
Total units accounted for
Equivalent units of production (EUP) - FIFO method
Units of beginning work in process
Units started and completed
Units of ending work in process
Total
Cost per EUP
Costs incurred this period
Total costs
+ Equivalent units of production
Cost per EUP (rounded to 2 decimals)
Cost assignment and reconciliation
Costs transferred out
Cost of beginning work in process
Cost to complete beginning work in process
Direct materials
Conversion
Total cost to complete beginning work in process
Costs of units started and completed this period
Direct materials
Conversion
Total costs started and completed this period
Total cost of work finished this period
Costs of ending work in process
Direct materials
Conversion
Total cost of ending work in process
Total costs accounted for
34,500
2,000
36,500
Units
EUP
EUP
EUP
% Materials
Costs
EUP
Cost per EUP
Cost per EUP
$
0.00
S
0.00
Cost per EUP
S
0.00
S
0.00
EUP- Materials % Conversion
Materials
Total cost
Total cost
Total cost
0
Costs
EUP
0.00
EUP- Conversion
Conversion
0
![Required information
[The following information applies to the questions displayed below.]
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 adde
products when processing begins. Beginning work in process inventory is 20% complete with respect to conversi
Equivalent Units of Production
Units transferred out
Units of ending work in process
Equivalent units of production
Costs per EUP
Costs of beginning work in process
Costs incurred this period
Total costs
Units completed and transferred out
Units in ending work in process
Costs Charged to Production
Cost of beginning work in process
Costs incurred this period
Total costs to account for
Total costs accounted for
* Difference due to rounding cost/unit
Unit reconciliation
Units to account for
Beginning work in process
Units started this period
Total units to account for
Total units accounted for
Completed and transferred out
Direct
Materials
Units in beginning work in process (all completed during July)
Units started this period
$
34,500 EUP
2,000 EUP
36,500 EUP
$
Direct
Materials
Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
Conversion
$ 12,850 $ 1,680
385,000
198,240
$ 397,850
$ 199,920
14,530.00
583,240.00
$ 597,770.00
Conversion
34,500 EUP
1,200 EUP
35,700 EUP
0.00
1,500
35,000
36,500
24 500
1,500
35,000
34,500
2,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27c9ffc8-caf5-4a01-9236-94db3faf410c%2Fa8d15744-32a7-4785-b051-8f35b3292536%2Fsv3bq1_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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 adde
products when processing begins. Beginning work in process inventory is 20% complete with respect to conversi
Equivalent Units of Production
Units transferred out
Units of ending work in process
Equivalent units of production
Costs per EUP
Costs of beginning work in process
Costs incurred this period
Total costs
Units completed and transferred out
Units in ending work in process
Costs Charged to Production
Cost of beginning work in process
Costs incurred this period
Total costs to account for
Total costs accounted for
* Difference due to rounding cost/unit
Unit reconciliation
Units to account for
Beginning work in process
Units started this period
Total units to account for
Total units accounted for
Completed and transferred out
Direct
Materials
Units in beginning work in process (all completed during July)
Units started this period
$
34,500 EUP
2,000 EUP
36,500 EUP
$
Direct
Materials
Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
Conversion
$ 12,850 $ 1,680
385,000
198,240
$ 397,850
$ 199,920
14,530.00
583,240.00
$ 597,770.00
Conversion
34,500 EUP
1,200 EUP
35,700 EUP
0.00
1,500
35,000
36,500
24 500
1,500
35,000
34,500
2,000
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