Elliott Company produces large quantities of a standardized product. The followi

Question

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. Units Costs Beginning work in process inventory Started 4,000 Beginning work in process inventory Direct materials Conversion $ 5,080 16,320 40,000 Ending work in process inventory 8,000 $ 21,400 272,120 253,160 354,424 $901,104 $ 95,424 Status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 100% Direct labor added 35% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory 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.)

Explanation / Answer

Total costs to account for: Costs of beginning goods in process $21,400 Costs incurred this period $879,704 Total costs to account for: 901104 Total costs accounted for 901104 Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for: Beginning goods in process inventory - units 4,000 Units started this period 40,000 Total units to account for 44000 Total units accounted for: Units completed and transferred out 36,000 Ending goods in process - units 8,000 Total units accounted for 44000 Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP- Conversion Units completed and transferred out 36,000 100% 36,000 100% 36,000 Ending goods in process - units 8,000 100% 8000 35% 2800 Total units 44000 44000 38800 Cost per equivalent unit of production Materials Conversion Cost of beginning goods in process $5,080 $16,320 Costs incurred this period 272,120 607,584 Total costs Costs 277200 Costs 623904 ÷ Equivalent units of production EUP 44,000 EUP 38,800 Cost per equivalent unit of production (rounded to 2 decimals) 6.3 16.08 Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials 36,000 $6.30 $226,800.00 Conversion 36,000 $16.08 $578,880.00 Total costs transferred out $805,680.00 Costs of ending goods in process EUP Cost per EUP Total cost Direct materials 8,000 6.3 $50,400.00 Conversion 2,800 16.08 $45,024.00 Total cost of ending goods in process $95,424.00 Total costs accounted for $901,104.00

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