connect

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 goods in process inventory is 20% complete with respect to direct labor and overhead. Equivalent units of production Weighted average method

Direct Materials

Direct Labor

Factory Overhead

Units transferred out 32,000 32,000 32,000 Units of ending goods in process 2,500 1,500 1,500 Equivalent units of production 34,500 33,500 33,500

Costs Direct

Materials Direct Labor

Factory Overhead

Costs of beginning goods in process $ 18,550 $ 760 $ 1,520 Costs incurred this period 357,500 62,890 125,780 Total costs $376,050 $ 63,650 $ 127,300

Units in beginning goods in process (all completed during July) 2,000 Units started this period 32,500 Units completed and transferred out 32,000 Units in ending goods in process 2,500

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

CHAPTER 20 - Homework http://ezto.mheducation.com/hm.tpx

1 of 2 27-01-2016 11:08

Costs Charged to Production

Total costs to account for Total costs accounted for * Difference due to rounding cost/unit Unit cost information Units to account for

Total units to account for Total units accounted for

Total units accounted for Equivalent units of production (EUP) - FIFO method

Units % Materials EUP- Materials % Labor EUP- Labor % Overhead EUP- Overhead

Equivalent units of production Cost per EUP Materials Labor Overhead

Total costs Costs Costs Costs ÷ Equivalent units of production EUP EUP EUP Cost per EUP (rounded to 2 decimals) Cost assignment and reconciliation Costs transferred out EUP Cost per EUP Total cost Cost of beginning goods in process Cost to complete beginning goods in process

Direct materials Direct labor Factory overhead Total cost to complete beginning goods in process

Costs of units started and completed this period EUP Cost per EUP Total cost Direct materials Direct labor Factory overhead Total costs started and completed this period

Total cost of goods finished this period Costs of ending goods in process EUP Cost per EUP Total cost

Direct materials Direct labor Factory overhead Total cost of ending goods in process

Total costs accounted for

Expanded table Exercise 20-16A FIFO: Completing a process cost summary LO C3 C4

Check my work

References

CHAPTER 20 - Homework http://ezto.mheducation.com/hm.tpx

2 of 2 27-01-2016 11:08