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.

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.)

Units Costs Beginning work in process inventory 500 Beginning work in process inventory Started 5,000 Direct materials $ 505 Ending work in process inventory 1,000 Conversion 2,052 $ 2,557 Status of ending work in process inventory Direct materials added 33,595 Materials—Percent complete 100 % Direct labor added 31,785 Conversion—Percent complete 30 % Overhead applied (140% of direct labor) 44,499 Total costs to account for $ 112,436 Ending work in process inventory $ 11,096

Explanation / Answer

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Prepare cost summary :

Cost charged to production Beginning work in process 2557 Cost added into production 109879 Total cost account for 112436 Units reconciliation Units to account for Beginning work in process unit 500 Unit started 5000 Total units to account for 5500 Total units accounted for Units transferred out 4500 Ending work in process 1000 Total units accounted for 5500 Equivalent units of production Units % material EUP-material % conversion EUP-conversion Units transferred out 4500 100% 4500 100% 4500 Ending work in process 1000 100% 1000 30% 300 Total equivalent unit of production 5500 5500 4800 Cost per EUP material Conversion Beginning work in process 505 2052 Cost added 33595 76284 Total cost 34100 78336 Equivalent unit of production 5500 4800 Cost per EUP 6.20 16.32 Cost assignment and reconciliation Cost transferred out EUP Cost per EUP Total cost Direct material 4500 6.20 27900 Conversion 4500 16.32 73440 Total transferred out 101340 Cost of ending work in process EUP Cost per EUP Total cost Direct material 1000 6.2 6200 Conversion 300 16.32 4896 Total ending work in process 11096 Total cost accounted for 112436

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