Question

Elliott Company produces large quantities of a standardized product. The following information is available for th first process in its production activities for March Units Beginning work in process inventory Started Ending work in process inventory 3,500 35.000 7.000 Costs Beginning work in process inventory Direct materials Conversion $ 3,815 11,592 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 10 Direct labor added 40% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 15,407 299.1 259.20 362.992 5936.859 $196,814 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total Costs to Account for: Total costs to account for Total costs accounted for Derence due to rounding costunit Unit Reconciliation:

Answer 1

Total costs to account for
Beginning Material			$         3,815.00
Beginning Conversion			$      11,592.00
Current Material			$    299,180.00
Current Conversion			$    622,272.00
Total costs to account for			$    936,859.00
Total costs accounted for			$    936,859.00

Units Reconciliation
Units to account for:
Beginning WIP			3500
Started			35000
Total units to account for			38500
Total units accounted for:
Completed and Transferred			31500
Ending WIP			7000
Total units accounted for			38500

Equivalent Units of Production (EUP) - Weighted Average Method
				Units	% Mat.	EUP- Mat.	% Conv.	EUP- Conv.
Units completed and transferred out				31500	100%	31500	100%	31500
Units in ending inventory				7000	90%	6300	40%	2800
Equivalent units of production						37800		34300

Cost per Equivalent Unit of Production
					Materials		Conversion
Beginning costs					$         3,815.00		$   11,592.00
During the month costs					$    299,180.00		$ 622,272.00
Total cost				Costs	$    302,995.00	Costs	$ 633,864.00
÷	Equivalent units of production			EUP	37800	EUP	34300
Cost per equivalent unit of production					$                8.02		$           18.48

Cost Assignment and Reconciliation
Cost of units transferred out				EUP	Cost/ EUP	Total Cost
Direct Materials				31500	$      8.02	$    252,495.83
Conversion				31500	$   18.48	$    582,120.00
Total costs transferred out						$    834,615.83
Cost of ending work in process				EUP	Cost/ EUP	Total Cost
Direct Materials				6300	$      8.02	$      50,499.17
Conversion				2800	$   18.48	$      51,744.00
Total cost of ending work in process						$    102,243.17
Total costs accounted for							$    936,859.00

Just let me know if you find anything incorrect