Exercise 16-13A FIFO: Completing a process cost summary LO C3 C4 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 (weighted average method) Units transferred out Units of ending work in process Direct Materials 32,000 2,500 Conversion 32,000 1,500 Equivalent units of production 34,500 33,500 Costs per EUP Costs of beginning work in process Costs incurred this period Direct Materials $ 18,550 357,500 Conversion $ 2,280 188,670 Total costs $376,050 $ 190,950 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 2,000 32,500 32,000 2,500 Prepare its process cost summary using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Costs Charged to Production $ 0.00 Total costs to account for Total costs accounted for * Difference due to rounding cost/unit Unit reconciliation $ 0.00 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 conversion sur conversion Equivalent units of production Cost per EUP Materials Conversion Costs Total costs + Equivalent units of production Cost per EUP (rounded to 2 decimals) Costs EUP EUP Cost assignment and reconciliation Costs transferred out EUP Cost per EUP Total cost 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 EUP Cost per EUP Total cost Direct materials $ $ 0.00 0.00 Conversion Total costs started and completed this period Total cost of work finished this period $ 0.00 Costs of ending work in process EUP Total cost Direct materials Cost per EUP $ 0.00 $ 0.00 Conversion Total cost of ending work in process Total costs accounted for