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.)

Fill in white AND yellow boxes

Units Costs Beginning work in process inventory 3,500 Beginning work in process inventory Started 35,000 Direct materials $ 3,605 Ending work in process inventory 7,000 Conversion 15,876 $ 19,481 Status of ending work in process inventory Direct materials added 250,880 Materials—Percent complete 100 % Direct labor added 240,135 Conversion—Percent complete 20 % Overhead applied (140% of direct labor) 336,189 Total costs to account for $ 846,685 Ending work in process inventory $ 71,470

Explanation / Answer

Solution:

Reconciliation of Physical units Particulars Physical Units Particulars Physical Units Beginning units 3500 Unit Completed 31500 Unit started 35000 Ending Units 7000 Total Units 38500 Total Units 38500

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