Business, 13.04.2021 02:10 aigo

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 Direct Materials Conversion
Units transferred out 40,000 EUP 40,000 EUP
Units of ending work in process 4,500 EUP 2,700 EUP
Equivalent units of production 44,500 EUP 42,700 EUP

Costs per EUP Direct Materials Conversion
Costs of beginning work in process $43,950 $5,360
Costs incurred this period 490,050 280,730
Total costs $534,000 $286,090

Units in beginning work in process (all completed during July) 4,000
Units started this period 40,500
Units completed and transferred out 40,000
Units in ending work in process 4,500

Required:
Prepare its process cost summary using the FIFO method.

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