Chapter 3 Problems Question 3 Elliotx Company produces large quantries ofa stand

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Chapter 3 Problems Question 3

Elliotx Company produces large quantries ofa standardlzed product. The tollowing Intormation ls avalable for ts production actvities for March. Costs Eeginning work in proces Inventory Started Ending work in process Inventory 3,000 Beginning work in process Inventoy 30.000 6.000 Direct materlals 5 3270 3 928 S 12,198 229 380 188 340 263.676 Status of ending work in process Inventory Direct materials added Direct labor added aemead applied (140% of direct labor) Materials-Percent complete 100 % 35 % Total costs to apoount tor 5 693594 Ending work in process Inventory 5 75,564 Prepare a process cost summary report for tils company, showing cpets charged bo production, unit cost Intormation equvalent units of production,coet per EuP, and its cost assigment and reconclllation Use the welghted-average metnod. (Round "Cost per EUP" to 2 declmal places.] Total ooets to account tor Total costs accoumed omerence due to rounding costunit Unlts to account for: Total units to account for Total units accounted for: Total units accounted for t Units of Production (EUPl-VWelighted Average Methocd EUP- % Materials up. Materials | % Conversion Total untE of Production Total ooet8 Equivalent units of production Coet per equvalent unit of proouction (rounded to 2 declmals) for: Cost of unita transterred out Cost per EUP Total cost Direct materlals Total ooets tranelerred ou Costs of ending work in process EUP Cost per EUP Total cost Dlrect materials Total coet of work in pro026 Total coets accounted tor

Explanation / Answer

Process cost summary report :

Total cost to account for Beginning work in process 12198 Cost added 681396 Total cost to account for 693594 Unit reconciliation Units to account for Beginning work in process 3000 Units started 30000 Total units to account for 33000 Total units accounted for Unit completed and transferred out 27000 Ending work in process 6000 Total units accounted for 33000 Equivalent units of production- Weighted average method Units % materials EUP-materials % Conversion EUP-conversion Units completed and transferred out 27000 100% 27000 100% 27000 Ending work in process 6000 100% 6000 35% 2100 Total units 33000 33000 29100 Cost per equivalent unit of production Material Conversion Beginning work in process 3270 8928 Cost added 229380 452016 Total costs Costs 232650 Costs 460944 Equivalent units of production Units 33000 Units 29100 Cost per equivalent unit $7.05 $15.84 Total costs accounted for Cost of units transferred out EUP Cost per EUP Total cost Direct material 27000 7.05 190350 Conversion 27000 15.84 427680 Total cost transferred out 618030 Cost of ending work in process EUP Cost per EUP Total cost Direct material 6000 7.05 42300 Conversion 2100 15.84 33264 Total cost of ending work in process 75564 Total cost account for 693594

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