1.

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	4,000		Beginning work in process inventory
Started	40,000		Direct materials	$	4,720
Ending work in process inventory	8,000		Conversion		15,264
						$	19,984
Status of ending work in process inventory			Direct materials added				298,440
MaterialsPercent complete	100	%	Direct labor added				255,840
ConversionPercent complete	25	%	Overhead applied (140% of direct labor)				358,176
			Total costs to account for			$	932,440
			Ending work in process inventory			$	88,240

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:
Costs of beginning work in process	$19,984
Costs incurred this period	$912,456
Total costs to account for:	$932,440
Total costs accounted for
Difference due to rounding cost/unit	$0
Unit Reconciliation:
Units to account for:
Beginning work in process inventory	4,000
Units started this period	40,000
Total units to account for	44,000
Total units accounted for:
Units completed and transferred out	36,000
Ending work in process	8,000
Total units accounted for	44,000
Equivalent Units of Production (EUP)- Weighted Average Method
	Units	% Materials	EUP- Materials	% Conversion	EUP-Conversion
Units completed and transferred out	36,000	100%	36,000	100%	36,000
Ending work in process		100%		25%
Total units
Cost per Equivalent Unit of Production			Materials		Conversion
Cost of beginning work in process			$4,720
Costs incurred this period			298,440		614,016
Total costs		Costs	$303,160	Costs	$614,016
Equivalent units of production		EUP		EUP
Cost per equivalent unit of production (rounded to 2 decimals)			0		0
Total Costs Accounted for:
Cost of units transferred out:	EUP	Cost per EUP	Total cost
Direct materials	36,000
Conversion	36,000
Total costs transferred out
Costs of ending work in process	EUP	Cost per EUP	Total cost
Direct materials		$0.00
Conversion		$0.00
Total cost of ending work in process
Total costs accounted for