Question

Check my w 14 Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. 0.54 points Units Beginning work in process inventory Started Ending work in process inventory 4,000 40,000 8,000 Costs Beginning work in process inventory Direct materials Conversion Skipped $ 4,720 15, 264 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete 25% Direct materials added 100% Direct labor added Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 19,984 298,440 255,840 358,176 $932, 440 $ 88,240 eBook Hint 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.) References $ 19,984 $ 19,984 Total Costs to Account for: Costs of beginning work in process Costs incurred this 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 inventory Units started this period Total units to account for Total units accounted for: Ilnite comnleted and transferred out 4,000 40,000 44,000

Answer 1

Answer is given below

Total Costs to Account for: Opening WIP Direct Material Conversion Cost Total Cost to Account for $19,984 $298,440 $614,016 $932,440 $932,440 Total costs accounted for Difference due to rounding cost/unit Unit Reconciliation: Units to account for: Beginning WIP Inventory Units Started During Period Total Units To Account for 4,000 40,000 44,000 Total Units accounted for From Beginning WIP in Inventory Units started and completed during Period Units completed and transferred out Units in Ending WIP Inventory Total Units Accounted for 4,000 32,000 36,000 8,000 44,000 EUP % EUP Materials Conversion Conversion Equivalent Units of Production - Weighted average method Total Units To Account for % Units Materials Units Completed during Period: Units completed and transferred out 36,000 100% Units in Ending WIP Inventory 8,000 100% 44,000 Cost per equivalent unit of production Cost from Beginning WIP Inventory Current Period Costs Total cost Costs Equivalent units of production EUP Cost per equivalent unit of production ( rounded to 2 decimal places) 36,000 100% 8,000 25% 44,000 Materials $4,720 $298,4401 $303,160 Costs 44,000 EUP $6.89 36,000 2,000 38,000 Conversion $15,264 $614,016 $629,280 A 38,000 B $16.56 A/B EUP Cost per EUP Total Cost 36,000 36,000 $6.89 $16.56 $248,040 $596,160 $844,200 Total Cost accounted for : Cost of units transferred out Direct Material Conversion Total cost transferred out Costs of ending work in process Direct Material Conversion Total cost of ending Work in process Total costs accounted for EUP 8,000 2,000 Cost per EUP Total Cost $6.89 $55,120 $16.56 $33,120 $88,240 $932,440