Exercise 16-16 Weighted average: Process cost summary LO 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 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials Conversion Costs 3,000 30,000 Beginning work in process inventory 6,000 $ 3,270 8,928 $ 12,198 Direct materials added 229,380 188,340 263,676 $693,594 100% Direct labor added 35% Overhead applied (140s of direct labor) Total costs to account for Ending work in process inventory $ 75,564 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 Costs of beginning work in process Costs incurred this period Total costs to account for $ Total costs account Difference due to rounding cost/unit $ 0 Unit Reconciliation: Units to account for: Beginning work in process inventory Units started this periodi Total units to account for Total units accounted for: 3,000 30,000 33,000 l units to account for: Beginning work in process inventory Units started this periodi Total units to account for 3,000 30,000 33,000 Total units accounted for: Units completed and transferred out 27,000 Ending work in process 6,000 Total units accounted for 33,000 Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials Units completed and transferred out 27,000 100% Ending work in process 6,000 Total units 33,000 Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period + Total costs nces Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs counted for: Cost of units transferred out 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 EUP-Materials % Conversion EUP-Conversion 27,000 Materials Costs Costs EUP 33,000 EUP $ 0.00 EUP Cost per EUP Total cost 27,000 27,000 EUP Cost per EUP Total cost 6,000 $ 0.00 $ 0.00 100% 27,000 Conversion