Exercise 20-12 Weighted average: Completing a process cost summary @c30 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. Prepare its process cost summary using the weighted-average method. Direct Materials Conversion Equivalent Units of Production Units transferred out 32,000 EUP 32,000 EUP 1.500 EUP 2,500 EUP 34,500 EUP 33,500 EUP Direct Materials Conversion $ 18,550 $ 2,280 357.500 188,670 Units of ending work in process Equivalent units of production Costs per EUP Costs of beginning work in process Costs incurred this period Total costs Units 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 $376,050 $190,950 2,000 32,500 32,000 2,500