Exercise 16-16 Weighted average: Process cost summary LO C3 Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March Units Costs Beginning work in process Inventory 4,000 40,000 Beginning work in process inventory Direct materials Started $5,000 Ending work in process Inventory 6,000 Conversion 16,320 Status of ending work in process inventory Naterfals-Percent complete Direct materials added $ 21,400 272,120 259,160 354,424 100% Direct labor added Conversion-Percent complete 35% Overhead applied (140% of direct labor) Total costs to account for 1901,101 Ending work in process inventory $ 95,424 Prepare a process cost summary report for this process using 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 cost/unit Unit Reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP). Weighted Average Method. Units % Materials EUP Materials & Conversion EUP Conversion Total units accounted for Equivalent Units of Production (EUP). Weighted Average Method Units Total units Cost per Equivalent Unit of Production 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 EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for % Materials EUP Materials % Conversion EUP Conversion Materials. Conversion Costs EUP Cost per EUP Total cost Cost per EUP Total cost Costs EUP