Question

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Exercise 3-16 Weighted average: Process cost summary units and costs LO C3 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 $ 3.450 12800 Status of ending work in proces inventory Materials Percent complete Conversion-Percent complete 100 % 35% Direct materials added Direct labor added Overhead applied (140% of direct labor) $ 16,050 213,030 169350 237 090 Total costs to account for 5 635 520 Ending work in process inventory S69 600

Answer 1

solution: 16050 619470 635520 635520 Total Costs to Account for: Costs of beginning work in process Costs incurred this period =213030+169350+237090 Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit Reconciliation: Units to account for: Beginning work in process inventory Units started this period Total units to account for Total units accounted for: Units completed and transferred out =33000-6000 Ending work in process Total units accounted for 3000 30000 33000 27000 6000 33000

Equivalent units of production - weighted average Units completed and transferred out Units of ending goods in process Equivalent units of production Units 27,000 6.000 33,000 % Materials EUP- Materials % conversion EUP- conversion 100% 27,000 100% 27,000 100% 6.000 35% 2.100 33,000 29,100 Cost per equivalent unit of production Materials conversion Cost of beginning goods in process Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals 3450 213030 216480 Costs 33,000 EUP Costs EUP 12,600 406.440 419040 29,100 14.40 6.56 Cost of units transferred out: Total cost EUP Cost per EUP 27,000 6.56 27,000 14.40 Direct materials conversion Total costs transferred out 177,120 388,800 565,920 Costs of ending goods in process Total cost Cost per E EUP UP EUP 6,000 6. 56 2.100 14.40 3 9,360 30.240 Direct materials conversion Total cost of ending goods in process Total costs accounted for 69,600 635,520