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 Beginning work in process inventory Started Ending work in process inventory 2,500 25,000 5,000 Costs Beginning work in process inventory Direct materials $ 4,400 8,160 Conversion Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added $ 12,560 208, 175 177,900 249,060 $647,695 40% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 74,170 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: $ 0 Total costs accounted for Difference due to rounding cost/unit $ 0 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 Cost per Equivalent Unit of Production Materials Conversion Total costs Costs Costs + Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total Costs Accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials $ 0.00 Conversion $ 0.00 Total cost of ending work in process Total costs accounted for