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 Beginning work in process inventory Started Ending work in process inventory Costs 3,000 Beginning work in process inventory Direct materials Conversion $3,180 13,896 30,000 6,000 17,076 212,310 170,910 239,274 $639,570 $61,500 Status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 100% Direct labor added 25% 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 17,076 Costs incurred this period 622,494 Total costs to account for: 639,570 total costs accounted for 639,570 Difference due to rounding cost/unit 0 Unit reconciliation units to account for Beginning goods in process inventory-units 3,000 units started this period 30,000 total units to account for 33,000 total units accounted for units completed and transferred out 27,000 Ending goods in process - units 6,000 total units accounted for 33,000 Equivalent units of production(EUP)-weighted average method units % mat EUP-mat % CC EUP-CC units completed and transferred out 27,000 100% 27,000 100% 27,000 Ending goods in process - units 6,000 100% 6000 25% 1500 total units 33,000 33,000 28,500 Cost per Equivalent units of production Materials Conversion Cost of beginning goods in process 3,180 13,896 costs incurred this period 212,310 410184 total costs Costs 215,490 costs 424,080 Equivalent units EUP 33,000 EUP 28,500 Cost per Equivalent units of production 6.53 14.88 Total costs accounted for Cost of units Transferred out EUP cost pu total cost Direct materials 27,000 6.53 176310 Conversion 27,000 14.88 401760 total costs transferred out 578070 Cost of ending work in process EUP cost pu total cost Direct materials 6000 6.53 39180 Conversion 1500 14.88 22320 total cost of ending work in process 61500 Total costs accounted for 639570

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