Exercise 03-13A FIFO: Completing a process cost summary LO C3 C4

Use the following information for the Exercises below. [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 added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion, Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials 43,500 EUP 3,500 EUP 47,000 EUP Conversion 43,500 EUP 2,100 EUP 45,600 EUP Costs per EUP Costs of beginning work in process costs incurred this period Total costs Direct Materials 533,700 563,200 $596,900 Conversion $ 4,440 333,000 $. 337,440 Units in beginning work in process (all completed during July) Units started this period units completed and transferred out units in ending work in process 3,000 44,000 43,500 3,500 Exercise 03-13A FIFO: Completing a process cost summary LO C3 C4 Prepare its process cost summary using the FIFO 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 Prepare its process cost summary using the FIFO 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 costunit Unit reconciliation Units to account for Total units to account for Total units accounted for Total units accounted for Equivalent units of production (EUP) - FIFO method Equivalent units of production (EUP) - FIFO method Units Materials EUP Materials % Conversion EUP. Conversion Total Cost per EUP Materials Conversion Costs EUP Costs EUP Total costs Equivalent units of production Cost per EUP (rounded to 2 decimals) Cost assignment and reconciliation EUP Cost per EUP Total cost EUP POLU WARRIERS Coat assignment and conciliation 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 Cost per EUP Total cost EUP Cost per EUP Total cost