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 1,500 15,000 3,000 Costs Beginning work in process inventory Direct materials Conversion $ 2,640 5,148 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added 20% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 7,788 105,930 93,735 131,229 $338,682 $ 29,532 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 Difference due to rounding cost/unit

Answer 1

| Total costs to Account for : Begano ng wook en process costs incurooed dering the year Total costs to account for ofference delle to ouunding Costunel $7788 $330,894 $ 338,682 * o EUP Un!! Reconciliation units to account for: Begioning compta process + 1,500 units started dessing the woven period $15,000 Total units to account for $ 16,900 Total cents accounted for unts Completed $ 13,500 unts Ending Cook. Po process $ 3,000 Total Onts accounted for $ 16,500 Equivalent ofis - Porducto CEUP) -Corsegli Arcangelcom comes this Eup 7. 1: EUP Imledals Materfals Convento Correos . Units completed $13,500 100v. 13,500 1001 13,500 Uits Pn Endea wook 3,000 100%. 3,000 204. 600 Po process Total units 16,500 16, SO 14,100 Cost peo equivalent units of floderchon: Costs O- beginning cocok P Maletas Mateus connection Pozcess allo 51148 costs Pnecroved derong the year 2640 105,930 $224,94 Tote costs $108,570 $ 230,112 + Eacewalent units - ponderchor $ 16,500 $ 14,100 Cost per ea cifvalent-uret of parder fo$ 6.58 $ 16-32 crounded to 2 doorals Total costs Accounted foo! COCOTOtel cost of onets toonsferred out! 13,500 Direct Mateofcels 46-58 88,820 Convension 13,500 Tal costs toansferred ocet. costs of ending Wook poocess 3,000 $6.58 $19,740 Droech maleoals Conversfon Total cost of ending wook for Poocess Utol Costs accounted for EUP COS $16-32 $220,320 309, 150 600 $16.32 $ 9,792 129,532 $338,682

| Total costs to Account for : Begano ng wook en process costs incurooed dering the year Total costs to account for ofference delle to ouunding Costunel $7788 $330,894 $ 338,682 * o EUP Un!! Reconciliation units to account for: Begioning compta process + 1,500 units started dessing the woven period $15,000 Total units to account for $ 16,900 Total cents accounted for unts Completed $ 13,500 unts Ending Cook. Po process $ 3,000 Total Onts accounted for $ 16,500 Equivalent ofis - Porducto CEUP) -Corsegli Arcangelcom comes this Eup 7. 1: EUP Imledals Materfals Convento Correos . Units completed $13,500 100v. 13,500 1001 13,500 Uits Pn Endea wook 3,000 100%. 3,000 204. 600 Po process Total units 16,500 16, SO 14,100 Cost peo equivalent units of floderchon: Costs O- beginning cocok P Maletas Mateus connection Pozcess allo 51148 costs Pnecroved derong the year 2640 105,930 $224,94 Tote costs $108,570 $ 230,112 + Eacewalent units - ponderchor $ 16,500 $ 14,100 Cost per ea cifvalent-uret of parder fo$ 6.58 $ 16-32 crounded to 2 doorals Total costs Accounted foo! COCOTOtel cost of onets toonsferred out! 13,500 Direct Mateofcels 46-58 88,820 Convension 13,500 Tal costs toansferred ocet. costs of ending Wook poocess 3,000 $6.58 $19,740 Droech maleoals Conversfon Total cost of ending wook for Poocess Utol Costs accounted for EUP COS $16-32 $220,320 309, 150 600 $16.32 $ 9,792 129,532 $338,682