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 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Costs 3,000 Beginning work in process inventory 30,000 Direct materials 6,000 Conversion Direct materials added 100Direct labor added 356 Overhead applied (1408 of direct labor) Total costs to account for Ending work in process inventory $ 3,450 12,600 $ 16,050 213,030 169,350 237,090 $635,520 369,600 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 Unit Reconciliation: Units to account for: Total units to account for Total units accounted for: BE

Answer 1

16,050 619,470 635,520 635,520 0 Total costs to account for: cost of beginning work in process Cost added during the period 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 Units started this period Total units to account for Total units accounted for: Completed and transferred out Ending work in process Total units accounted for 3,000 30,000 33,000 27,000 6,000 33,000

Equivalent Units of Production(EUP)-Weighted Average Method Units %Materials EUP-Materials Conversion EUP_Conversion Transferred to the next department 27,000 100% 27,000 100% 27,000 Work-in process, ending 6,000 100% 6,000 35% 2,100 Total units 33,000 29,100 Cost per Equivalent Unit of Production Materials Conversion Costs 3,450 213,030 216,480 33,000 6.56 12,600 406,440 419,0401 29,100 14.40 EUP $ Work-in process,beginning Cost added during the month Total costs divide by Equivalent units of production Costs per equivalent unit of production Total Costs Accounted for: Costs of units transferred out: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total Costs Accounted for: EUP Cost per EUP Total cost 27,000 6.56 177,120 27,000 14.4 388,800 565,920 EUP Cost per EUP Total cost 6,000 6.56 39,360 2,100 14.4 30,240 69,600 635,520