Question

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.

Units			Costs
Beginning work in process inventory	4,000		Beginning work in process inventory
Started	40,000		Direct materials	$	6,320
Ending work in process inventory	8,000		Conversion		13,728
							$	20,048
Status of ending work in process inventory			Direct materials added					313,120
Materials—Percent complete	100	%	Direct labor added					240,040
Conversion—Percent complete	30	%	Overhead applied (140% of direct labor)					336,056
			Total costs to account for				$	909,264
			Ending work in process inventory				$	94,944

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.)

Answer 1

Answer is given below with working

Schedule of Physical and Equivalent Units- Weighted Average Equivalent Units Direct % Completed Material Completed 04 Physical Units Conversion Cost Analysis of Physical Flow of Units Units to be accounted for Beginning WIP Inventory Units Started Total Units To Account for 4,000 40,000 44,000 Units accounted for Units Completed during Period: From Beginning WIP in Inventory Units started and completed during Period Units transferred out to next Department Units in Ending WIP Inventory Total Units Accounted for Total Equivalent units 4,000 32,000 36,000 8,000 44,000 100% 100% 36,000 8,000 100% 30% 36,000 2,400 44,000 38,400 Unit Cost Analysis Schedule-Weighted Average method Direct Material Conversion Cost Total Costs Cost to Account for Opening Work in process Current Period Costs Total cost $6,320 $313,120 $319,440 $13,728 $576,096 $589,824 $20,048 $889,216 $909,264 Divided by Equivalent units Cost per equivalent unit (Current period cost /Equivalent units) | 44,000 $7.26 38,400 $15.36 $22.62 | Conversion Costa Direct Material + Direct Labor Analysis of Total Cost Cost Assignment and reconciliation Direct Material Conversion Cost Total Costs Units Started and completed during period Cost incurred on Opening Work in process during the month Direct Material - (36,000 X $7.26) Conversion cost - (36,000 X $15.36) Total costs of units completed and transferred to Finished Goods $261,360 $261,360 $552,960 $814,320 A $552,960 $552,950 $261,360 $58,0801 Ending Work in process Inventory Direct Material - (8,000 X $7.26) Conversion cost - (2,400 x $15.36) Total Cost of Ending Work in Process Total Costs Accounted for $58,080 $36,864 $94,944 B $909,264 A+B $36,864 $36,864 $589,824 $58,080 $319,440