Question

Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Beginning work in process inventory Started Ending work in process inventory 4,000 40,000 8,000 Costs Beginning work in process inventory Direct materials Conversion sok int Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100 Direct labor added 209 Overhead applied (1408 of direct labor) Total costs to account for Ending work in process inventory rint erences Prepare a process cost summary report for this process using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Anunt for:

Answer 1

Total costs to account for:
Costs of beginning work in process	16960
Costs incurred this period	852512
Total costs to account for	869472
Total costs accounted for	869472
Difference due to rounding cost/unit	0
Unit reconciliation:
Units to account for:
Beginning work in process inventory	4000
Units started this period	40000
Total units to account for	44000
Total units accounted for:
Units completed and transferred out	36000
Ending work in process	8000
Total units accounted for	44000
Equivalent units of production (EUP)- weighted average method
	Units	%Materials	EUP-Materials	%Conversion	EUP-Conversion
Units completed and transferred out	36000	100%	36000	100%	36000
Ending work in process	8000	100%	8000	20%	1600
Total units	44000		44000		37600
Cost per equivalent unit of production			Materials		Conversion
Cost of beginning work in process			7360		9600
Costs incurred this period			293600		558912
Total costs		Costs	300960	Costs	568512
÷ Equivalent units of production		EUP	44000	EUP	37600
Cost per equivalent unit of production			6.84		15.12
Total cost accounted for:
Cost of units transferred out	EUP	Cost per EUP	Total cost
Direct materials	36000	6.84	246240
Conversion	36000	15.12	544320
Total cost transferred out				790560
	EUP	Cost per EUP	Total cost
Cost of ending work in Process
Direct materials	8000	6.84	54720
Conversion	1600	15.12	24192
Total Cost of ending work in Process				78912
Total cost accounted for				869472