Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help if you can. thank you. Elliott Company produces large quantities of a standardized product. The following information is available for the first process

pls help if you can. thank you.
image text in transcribed
image text in transcribed
image text in transcribed
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 completo Costs 2,000 teinning work in process inventory 20,000 Direct materials 4,000 Conversion $ 3,860 Direct materials added 100% Direct labor added 20% Overhead applied (140% of direct labor) Total costs to account for Ending work in process. Inventory 5 11,105 141,120 136,100 190.500 $478,63 40,568 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 11,108 Costs incurred this period Total costs to account for $ 11,108 Total costs accounted for Difference due to rounding costunit S 0 Unit Reconciliation: Units to account for: Beginning work in process inventory Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process Total units accounted for Equivalent Units of Production (EUP)-Weighted Average Method Units Units completed and transferred out 18.000 Ending work in process 4,000 Total units 22 000 Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period Total costs -Equivalent units of production Materials 100% 100% EUP-Materials 18,000 4,000 22000 % Conversion EUP-Conversion 100% 18,000 20% 800 18 800 Conversion Materials Costs Costs EUP EUP % Materials 100% 100% EUP-Materials Conversion EUP-Conversion 18,000 100% 18,000 4.000 20% 800 22,000 18 800 Materials Conversion Total units accounted for Equivalent Units of Production (EUP) Weighted Average Method Units Units completed and transforred out 18.000 Ending work in process 4,000 Total units 22.000 Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period Total costs Equivatory units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for Cost of units transferred out Dired materials 18,000 Conversion 18,000 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 Costs EUP Costs EUP 0 0 EUP Cost per EUP Total cost Total cost Cost per EUP s 0.00 $ 0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

What is the formula to calculate the mth Fibonacci number?

Answered: 1 week ago