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 Costs Beginning work in process inventory Units Beginning work in process inventory Started 2,500 25,000 5,000 $4,800 11,400 Direct materials Ending work in process inventory $16,200 200,350 155,300 217,420 Status of ending work in process inventory Materials-Percent complete Conversion Percent complete 100 % 35 % Direct materials added Direct labor added Overhead applied (140% of direct labor) Total costs to account for $ 589,270 Ending work in process inventory $65,020

Explanation / Answer

Total costs to account for: Costs of beginning goods in process $16,200 Costs incurred this period $573,070 Total costs to account for: 589270 Total costs accounted for 589270 Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for: Beginning goods in process inventory - units 2,500 Units started this period 25,000 Total units to account for 27500 Total units accounted for: Units completed and transferred out 22,500 Ending goods in process - units 5,000 Total units accounted for 27500 Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Labor EUP- Conversion Units completed and transferred out 22,500 100% 22500 100% 22500 Ending goods in process - units 5,000 100% 5000 35% 1750 Total units 27500 27500 24250 Cost per equivalent unit of production Materials Conversion Cost of beginning goods in process $4,800 $11,400 Costs incurred this period 200,350 372,720 Total costs Costs 205150 Costs 384120 ÷ Equivalent units of production EUP 27,500 EUP 24,250 Cost per equivalent unit of production (rounded to 2 decimals) 7.46 15.84 Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials 22,500 $7.46 $167,850 Conversion cost 22,500 $15.84 $356,400 Total costs transferred out $524,250 Costs of ending goods in process EUP Cost per EUP Total cost Direct materials 5,000 7.46 37300 Conversion cost 1,750 15.84 27720 Total cost of ending goods in process $65,020 Total costs accounted for $589,270

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