Question

needing some corrections

Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March Costs Units Beginning work in process inventory Started Ending work in process inventory Beginning work in process inventory Direct materials Conversion $ 3,500 35,000 7,00 3.815 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 $ 15,407 299.13 259,280 362.992 $936,859 $196,834 Prepare a process cost summary report for this process using the weighted average method (Round "Cost per EUP" to 2 decimal places.) 3 Answer is not complete. Total Costs to Account for: Costs of beginning work in process 3,815

Answer 1

Total costs to account for:
Costs of beginning work in process	15407
Costs incurred this period	921452
Total costs to account for	936859
Total costs accounted for	936859
Difference due to rounding cost/unit	0
Unit reconciliation:
Units to account for:
Beginning work in process inventory	3500
Units started this period	35000
Total units to account for	38500
Total units accounted for:
Units completed and transferred out	31500
Ending work in process	7000
Total units accounted for	38500
Equivalent units of production (EUP)- weighted average method
	Units	%Materials	EUP-Materials	%Conversion	EUP-Conversion
Units completed and transferred out	31500	100%	31500	100%	31500
Ending work in process	7000	100%	7000	40%	2800
Total units	38500		38500		34300
Cost per equivalent unit of production			Materials		Conversion
Cost of beginning work in process			3815		11592
Costs incurred this period			299180		622272
Total costs		Costs	302995	Costs	633864
÷ Equivalent units of production		EUP	38500	EUP	34300
Cost per equivalent unit of production			7.87		18.48
Total cost accounted for:
Cost of units transferred out	EUP	Cost per EUP	Total cost
Direct materials	31500	7.87	247905
Conversion	31500	18.48	582120
Total cost transferred out				830025
	EUP	Cost per EUP	Total cost
Cost of ending work in Process
Direct materials	7000	7.87	55090
Conversion	2800	18.48	51744
Total Cost of ending work in Process				106834
Total cost accounted for				936859