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

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

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

Step: 3

blur-text-image

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

Knowledge Audit A Complete Guide

Authors: The Art Of Service - Knowledge Audit Publishing

2021 Edition

1867424010, 978-1867424017

More Books

Students also viewed these Accounting questions