Question

7 Exercise 20-16 Weighted average: Process cost summary LO C3 1 Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. points Units Beginning work in process inventory Started Ending work in process inventory eBook 3,000 30,000 6,000 Costs Beginning work in process inventory Direct materials Conversion $ 5,160 11,736 Hint Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added 30% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 16,896 193,830 185, 190 259,266 $655,182 $ 64,692 Print Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) References 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

Answer 1

Total Cost to account for $ Cost of begnning WIP Cost incurred this period Total cost to account for Total cost accounted for Difference due to rounding cost/unit 16,896 6,38,286 6,55,182 6,55,182 $ Units Reconcialiation Units to account for: Beginning WIP Units started this period Total units to account for Total units accounted for: Completed & transferred out Ending WIP Total units accounted for 3,000 30,000 33,000 27,000 6,000 33,000 Units EUP-Weighted Average Method Units transferred Units of Ending WIP Total units 27,000 6,000 % Material EUP Materials % Conversion 100% 27,000 100% 100% 6,000 30% 33,000 EUP Conversion 27,000 1,800 28,800

Cost per EUP Cost pf beginning WIP Cost incurred during the period Total Cost Equivalents units of production Cost per EUP Materials 5,160 1,93,830 1,98,990 Costs 33,000 EUP $ Conversion 11,736 4,44,456 4,56,192 28,800 $ 15.84 Costs EUP 6.03 EUP Total cost accounted for: Cost of units tranferred out Direct Materials Conversion Total Cost transferred out 27,000 27,000 Cost per EUP Total Cost 6.03 1,62,810 15.84 4,27,680 $ 5,90,490 EUP Cost of Ending WIP Direct Materials Conversion Total Cost of Ending WIP Total Cost accounted for: 6,000 1,800 Cost per EUP Total Cost 6.03 36,180 15.84 28,512 64,692 6,55,182 $