Answered step by step
Verified Expert Solution
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
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 Complete Complete Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 4,800 40,000 36,800 8, eee 100% 20% $ 7,360 600 $ 16,960 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 293,680 558,912 852,512 $ 869,472 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 Conversion Units % Complete EUP % Complete EUP Equivalent Units of Production Cost per Equivalent Unit of Production Direct Materials Conversion Costs Costs EUP EUP Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started