Question

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.

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

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.)

Total Costs to Account for:
Total costs to account for:
Total costs accounted for
Difference due to rounding cost/unit
Unit Reconciliation:
Units to account for:
Total units to account for
Total units accounted for:
Total units accounted for
Equivalent Units of Production (EUP)- Weighted Average Method
	Units	% Materials	EUP- Materials	% Conversion	EUP-Conversion
Total units
Cost per Equivalent Unit of Production			Materials		Conversion
Total costs		Costs		Costs
÷ Equivalent units of production		EUP		EUP
Cost per equivalent unit of production (rounded to 2 decimals)
Total Costs Accounted for:
Cost of units transferred out:	EUP	Cost per EUP	Total cost
Direct materials
Conversion
Total costs transferred out
Costs of ending work in process	EUP	Cost per EUP	Total cost
Direct materials
Conversion
Total cost of ending work in process
Total costs accounted for

Answer 1

4,026 answers

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