Question

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The following partially completed process cost summary describes the July production activities of Ashad Company. Its production output is sent to its warehouse for shipping. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.

Equivalent Units of Production	Direct Materials			Conversion
Units transferred out		37,500	EUP		37,500	EUP
Units of ending work in process		2,000	EUP		1,200	EUP
Equivalent units of production		39,500	EUP		38,700	EUP

Costs per EUP	Direct Materials				Conversion
Costs of beginning work in process		$	13,450			$	1,860
Costs incurred this period			440,800				238,080
Total costs		$	454,250			$	239,940

Units in beginning work in process (all completed during July)	1,500
Units started this period	38,000
Units completed and transferred out	37,500
Units in ending work in process	2,000

Exercise 16-12 Weighted average: Completing a process cost summary LO C3

Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

Costs Charged to Production
Total costs to account for
Total costs accounted for
*Difference due to rounding cost/unit
Unit Reconciliation
Units to account for
Total units to account for
Total units accounted for
Total units accounted for
Equivalent Units of Production (EUP)- Weighted Average Method
	Units	% Materials	EUP- Materials	% Conversion	EUP- Conversion
Equivalent units of production
Cost per EUP			Materials		Conversion
Total costs		Costs		Costs
÷ Equivalent units of production		EUP		EUP
Cost per equivalent unit of production
Cost Assignment and Reconciliation
Costs transferred out	EUP	Cost per EUP	Total cost
Direct materials
Conversion
Total transferred out
Costs of ending work in process	EUP	Cost per EUP	Total cost
Direct materials
Conversion
Total ending work in process
Total costs accounted for