Exercise 16-16 Weighted average: Process cost summary LO C3 Eliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March 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 Costs 4,000 Beginning work in process inventory 40,000 Direct materials 8,000 Conversion Direct materials added 1005 Direct labor added 20Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $7,360 9,600 $ 16,960 293,600 232,880 326,032 $869, 472 $ 78,912 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) WU places.) + Total Costs to Account for: Costs of beginning work in process $ 16,960 Costs incurred this period 889,432 Total costs to account for $ 906,392 Total costs accounted for Difference due to rounding costunit $ 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 Units completed and transferred out 36,000 Ending work in process 8,000 Total units 44,000 Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) % Materials 100% 100% EUP-Materials % Conversion EUP-Conversion 36,000 100% 36,000 8,000 20% 1,600 44,000 37,600 Materials Conversion $ 7,360 232,880 $ 240,240 Costs 44,000 EUP 5.46 Costs EUP $ units accounted for % Materials 100% 100% 44,000 Equivalent Units of Production (EUP) Weighted Average Method Units Units completed and transferred out 36,000 Ending work in process 8,000 Total units 44,000 Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period 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 36,000 Conversion 36,000 Total costs transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP-Materials % Conversion EUP-Conversion 36,000 100% 36,000 8,000 20% 1.600 44,000 37,600 Materials Conversion s 7,360 232,880 $ 240,240 Costs 44,000 EUP $ 5.46 Costs EUP Cost per EUP Total cost Total cost Cost per EUP $ 0.00 $ 0.00 WWWWWWWWW