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 $ 865 Ending work in process inventory 1,000 Conversion 1,656 $ 2,521 Status of ending work in process inventory Direct materials added 40,000 Materials—Percent complete 100 % Direct labor added 32,430 Conversion—Percent complete 30 % Overhead applied (140% of direct labor) 45,402 Total costs to account for $ 120,353 Ending work in process inventory $ 12,398

Explanation / Answer

Solution:

Computation of Equivalent unit of Production - Elliott Company Particulars Physical Units Material Conversion Unit completed & Transferred out 4500 4500 4500 Closing WIP: 1000 Material (100%) 1000 Conversion (30%) 300 Equivalent units of production 5500 5500 4800

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