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	3,500		Beginning work in process inventory
Started	35,000		Direct materials	$	4,340
Ending work in process inventory	7,000		Conversion		13,608
							$	17,948
Status of ending work in process inventory			Direct materials added					237,440
MaterialsPercent complete	100	%	Direct labor added					221,795
ConversionPercent complete	35	%	Overhead applied (140% of direct labor)					310,513
			Total costs to account for				$	787,696
			Ending work in process inventory				$	83,356