Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Elliott Company produces large quantities of a standardized product. The following information is available for its first production department for March. Prepare a production cost

image text in transcribed
image text in transcribed
Elliott Company produces large quantities of a standardized product. The following information is available for its first production department for March. Prepare a production cost report for this department using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 3,000 Units started this period 30,000 Completed and transferred out 27,000 Ending work in process inventory 6,000 1005 35 Beginning work in process inventory Direct materials $ 3,270 Conversion 8,928 $ 12,198 Costs added this period Direct materials 229,380 Conversion 452,016 681, 396 Total costs to account for 5 693,594 ELLIOTT COMPANY First Department Production Cost Report - Weighted Average Method For Month Ended March 31 Unit Reconciliation Units to account for: Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Direct Materials % Complete EUP Conversion Complete EUP Units Equivalent Units of Production ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 Unit Reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent Units of Production (EUP) Direct Materials % Complete EUP Conversion % Complete EUP Units Equivalent Units of Production Cost per Equivalent Unit of Production Direct Materials Conversion Costs EUP Costs EUP 0 Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out EUP Direct materials Conversion Cost per EUP Total cost EUP Total cost Ending work in process Direct materials Conversion Cost per EUP $ 0.00 $ 0.00 Total costs accounted for

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Audit In China

Authors: LIU Ruzhuo

1st Edition

981428145X, 978-9814281454

More Books

Students also viewed these Accounting questions

Question

8. Describe how cultural spaces are formed.

Answered: 1 week ago