Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March 3,000 30.000 6.000 Costs Beginning

image text in transcribed
image text in transcribed
Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March 3,000 30.000 6.000 Costs Beginning work in process inventory Direct materials Conversion Units Beginning work in process inventory Started Ending work in process inventory Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 1008 Direct labor added 351 Overhead applied (1408 of direct labor) Total costs to account for Ending work in process inventory $ 3,450 12,600 $ 16,050 213,030 169,350 237,090 $635, 520 $ 69,600 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 costunit Unit Reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for TUDI USULU 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 Costs EUP Costs EUP Cost per EUP Total cost Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost of units transferred out: EUP Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP Total cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions