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 ProductionDirect MaterialsConversion Units transferred out43,000 43,000 Units of ending work in process 4,700 2,820 Equivalent units of production47,700 45,820 Costs per EUPDirect MaterialsConversion Costs of beginning work in process$ 28,450 $3,270 Costs incurred this period 667,970 271,650 Total costs$696,420 $274,920 Units in beginning work in process (all completed during July)4,200 Units started this period43,500 Units completed and transferred out43,000 Units in ending work in process4,700Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

Materials costs =$ 14.6 Per EUP          

Conversion Costs=  $6 Per EUP

Explanation:

Ashad Company

Process Cost Summary

Weighted Average Method

Equivalent Units of Production

                                           Direct Materials              Conversion

Units transferred out             43,000                          43,000

Units of ending work in process 4,700                      2,820

Equivalent units of production    47,700                       45,820

Costs per EUP

                                                      Direct Materials        Conversion

Costs of beginning work in process$ 28,450              $3,270

Costs incurred this period                    667,970            271,650

Total costs                                           $696,420             $274,920

Equivalent units of production               47,700                       45,820

Cost Per Equivalent Unit                $696,420/ 47,700        $274,920/ 45,820

                                                          $ 14.6 Per EUP            $6 Per EUP