Question

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March Units Beginning work in process inventory Started Ending work in process inventory 3,000 30,000 6,000 Costs Beginning work in process inventory Direct materials Conversion $ 5,940 13,536 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added 40% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 19,476 237,600 179,580 251,412 $688,068 $ 80,568 Prepare a process cost summary report for this company, showing costs charged to production, unit cost Information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. Use 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 Difference due to rounding cost/unit Unit Reconciliation: Units to account for: $ Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials EUP- Materials % Conversion EUP- Total units Cost per Equivalent Unit of Production Materials Conversion Costs EUP Costs EUP 0 Cost per EUP Total cost Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost of units transferred out: EUP Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Total cost Cost per EUP $ 0.00 $ 0.00

Answer 1

Answer

Total Cost to account for:
Cost of beginning WIP	$                      19,476.00
Costs incurred this period	$                    668,592.00
Total Cost to account for	$                    688,068.00
Total costs accounted for	$                    688,068.00
Difference due to rounding cost/unit	$                                      -
Units Reconciliation
Units to account for:
Beginning WIP	3,000
Units started this period	30,000
Total Units to account for	33,000
Total Units accounted for:
Completed & Transferred out	27,000
Ending WIP	6,000
Total Units accounted for	33,000

EUP - Weighted Average Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units TRANSFERRED	27,000	100%	27,000	100%	27,000
Units of ENDING WIP	6,000	100%	6,000	40%	2,400
Equivalent Units of Production			33,000		29,400
COST per EUP			Material		Conversion
Cost of Beginning WIP			$             5,940.00		$                                  13,536.00
Cost incurred during the period			$        237,600.00		$                                430,992.00
Total Costs		Costs	$        243,540.00	Costs	$                                444,528.00
Equivalent units of production		EUP	33,000	EUP	29,400
Cost per EUP			$              7.38000		$                                   15.12000
TOTAL COST ACCOUNTED FOR
Cost of Units Transferred Out	EUP	Cost per EUP	Total Cost
- Direct Materials	27,000	$                      7.38	$        199,260.00
- Conversion	27,000	$                    15.12	$        408,240.00
Total Cost transferred Out				$            607,500.00
Cost of ending WIP	EUP	Cost per EUP	Total Cost
- Direct Materials	6,000	$                      7.38	$          44,280.00
- Conversion	2,400	$                    15.12	$          36,288.00
Total cost of ending WIP				$              80,568.00
Total costs accounted for					$                                688,068.00