[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 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent unit of production Direct Materials Conversion Units % Complete EUP % Complete EUP Costs EUP Direct Materials Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Total completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials 0.00 Conversion Total costs accounted for 0.00 Total ending work in process Costs EUP Conversion
[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 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent unit of production Direct Materials Conversion Units % Complete EUP % Complete EUP Costs EUP Direct Materials Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Total completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials 0.00 Conversion Total costs accounted for 0.00 Total ending work in process Costs EUP Conversion
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.
Topic Video
Question
![[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
875,840
$ 27,150
3,658
$ 30,800
552,450
323,390
5906,640
Direct
Materials
Conversion
Percent
Percent
Units
Complete
Complete
Beginning work in process inventory
2,500
100%
20%
Units started this period
43,500
Completed and transferred out
43,000
Ending work in process inventory
3,000
100%
без
Prepare the Molding department's production cost report using the weighted average method.
Note: Round "Cost per EUP" to 2 decimal places.
Unit Reconciliation
Units to account for
Total units to account for
Units accounted for
Total units accounted for
Equivalent Units of Production (EUP)
Equivalent units of production
Cost per EUP
Total costs
-Equivalent units of production
Cost per equivalent unit of production
Direct Materials
Conversion
Units
% Complete
EUP
% Complete
EUP
Costs
EUP
Direct Materials
Cost Assignment
Completed and transferred out
EUP
Cost per EUP
Total cost
Direct materials
Conversion
Total completed and transferred out
Ending work in process
EUP
Cost per EUP
Total cost
Direct materials
0.00
Conversion
Total costs accounted for
0.00
Total ending work in process
Costs
EUP
Conversion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ebd74bc-b31d-40d5-a9d0-f90fde77a8cd%2Fa90d01d1-ddcd-486e-a2f1-abecc8a5f3e0%2F8t1s9p_processed.png&w=3840&q=75)
Transcribed Image Text:[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
875,840
$ 27,150
3,658
$ 30,800
552,450
323,390
5906,640
Direct
Materials
Conversion
Percent
Percent
Units
Complete
Complete
Beginning work in process inventory
2,500
100%
20%
Units started this period
43,500
Completed and transferred out
43,000
Ending work in process inventory
3,000
100%
без
Prepare the Molding department's production cost report using the weighted average method.
Note: Round "Cost per EUP" to 2 decimal places.
Unit Reconciliation
Units to account for
Total units to account for
Units accounted for
Total units accounted for
Equivalent Units of Production (EUP)
Equivalent units of production
Cost per EUP
Total costs
-Equivalent units of production
Cost per equivalent unit of production
Direct Materials
Conversion
Units
% Complete
EUP
% Complete
EUP
Costs
EUP
Direct Materials
Cost Assignment
Completed and transferred out
EUP
Cost per EUP
Total cost
Direct materials
Conversion
Total completed and transferred out
Ending work in process
EUP
Cost per EUP
Total cost
Direct materials
0.00
Conversion
Total costs accounted for
0.00
Total ending work in process
Costs
EUP
Conversion
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education